You can also find out more about the A-Team here. bull flag Bitcoin’s chart shows a recent formation that could signal a trend change as soon as Bitcoin makes positive moves upward. The crypto analyst believes that it could reach as high as $100,000 It is a move.
Bitcoin Bull Flag: More upside?
Denis Baca is the Head of Products at Zivoe Finance. noted He added that the bullish pattern is a historical indicator that Bitcoin will continue to climb. The bullish pattern, he added, is “shaping up nicely” Bitcoin could be on the rise towards $100,000 Once the volume starts to increase, it will be a good idea to start reducing.
Baca suggests that Bitcoin could drop below $60,000 It is important to know the reasons for such a move. In May, he referred to the fact that the token has historically tested the level of support for the SMA (20-week small moving average). He claimed that this could lead to Bitcoin dropping to $56,000.
The total crypto market capitalization is currently $2.2 trillion. Chart: TradingView
Baca said that price declines of this kind could occur. “healthy” Bitcoin to experience a reverse before the price of Bitcoin drops. He explained that the dips “offer solid buying opportunities,” What could spark a fire? Bitcoin’s move to record highs.
Crypto analyst Mikybull Crypto You can also read about how to get in touch with us. shared What he thinks this pattern of bullishness could mean for Bitcoin. According to him, the pattern is a further confirmation of Bitcoin’s bullish run. A bearish reversal would be unlikely.
#Bitcoin On a daily chart, a pattern of bullish continuation is formed.
Wyckoff’s Law of Cause and Effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com/ArH0lNnyc2
— Mikybull 🐂Crypto (@MikybullCrypto) April 26, 2024
Also, he hinted at the fact that the next He also referred to Wyckoff’s Law of Cause and Effect, which says that “the longer the consolidation, the more explosive the markup will be.”
Bitcoin’s upward trend needs a catalyst
Andrey Stoychev – Head of Prime Brokerage at Nexo remarked Bitcoin’s potential price increase is unlikely. without a catalyst. He stated that although the main crypto token managed to gain support around $64,000 but, without any catalysts, it would continue to be traded in the range of $67,000.
The fact that you can find the Spot Bitcoin ETFs, previously a significant catalyst in Bitcoin’s price rises, recently experienced a drop. declining demand. They also have experienced significant net outflows Fund issuers have been selling Bitcoins at a rapid pace to satisfy redemptions.
Stoychev, however, is confident that Bitcoin will not drop below $60.000. According to him, the only reason Bitcoin can retrace this far is if high interest rates Crypto assets can be affected by the fact that they are held longer than anticipated.
Bitcoin was trading around $62,900 at the time this article was written, a drop of over 2% from the previous 24 hours. data CoinMarketCap.
Chart by TradingView. Image from Pixabay.
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