Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000
2024年4月27日 - 8:30PM
NEWSBTC
A bull flag recently formed on the Bitcoin chart, raising the
possibility of a trend reversal soon enough as the flagship crypto
makes significant moves to the upside. This crypto analyst suggests
that the crypto could rise to as high as $100,000 when it makes
that move. Related Reading: Is SUI Sinking? TVL Tanks As Crypto
Price Fails To Keep Afloat Bitcoin’s Bull Flag Suggests More Upside
Denis Baca, Head of Product at Zivoe Finance, noted that the bull
flag formation on Bitcoin’s daily chart historically suggests that
the crypto token is primed for more upsides. He added that the
bullish pattern is “shaping up nicely” and that Bitcoin could
potentially shoot up towards $100,000 once the declining volume
picks up. However, Baca further suggested that Bitcoin could
drop below $60,000 before it makes such a parabolic move. He
alluded to how the crypto token historically retests the support
level of the 20-week SMA (small moving average) in May. This could
cause Bitcoin to drop to $56,000, he claimed. Total crypto
market cap currently at $2.2 trillion. Chart: TradingView Baca
opined that such price dips could be “healthy” for Bitcoin before
it experiences a reversal. He elaborated that these dips “offer
solid buying opportunities,” which could help spark Bitcoin’s move
to record highs. Crypto analyst Mikybull Crypto also shared his
thoughts on what this bullish pattern could mean for Bitcoin. On
his part, he suggested that the formation further proves the
continuation of Bitcoin’s bull run and that a bearish reversal was
unlikely. #Bitcoin on a daily chart forming a bull continuation
pattern. According to 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 He also hinted that the next leg up could be massive
as he alluded to Wyckoff’s law of cause and effect, which states
that “the longer the consolidation, the more explosive the markup
will be.” Bitcoin Needs A Catalyst To Spark This Upward Trend
Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any
potential price rise for Bitcoin is unlikely to be realized without
a catalyst. He noted that the flagship crypto token has managed to
build resilient support at $64,000, but without any catalyst, it
will merely continue to trade around the $67,000 range. It is
worth noting that the Spot Bitcoin ETFs, which previously served as
a major catalyst to Bitcoin’s price surges, have recently suffered
from declining demand. They have also experienced significant net
outflows this month, leading to a wave of Bitcoin sell-offs from
the fund issuers to fulfill redemptions. Related Reading:
Analysts Call It: XRP Primed For A 700% Surge – Details Despite
this, Stoychev is positive that Bitcoin won’t drop below $60,000.
He predicts that the only thing that can cause Bitcoin to retrace
to such a level is if high interest rates are maintained longer
than expected, as this can affect sentiment toward crypto
assets. At the time of writing, Bitcoin is trading at around
$62,900, down over 2% in the last 24 hours, according to data from
CoinMarketCap. Featured image from Pixabay, chart from
TradingView
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