Josh Olszewicz, a prominent voice in the crypto trading realm, recently predicted that the price of Bitcoin (BTC) could potentially reach the $38,000 level. At press time, the cryptocurrency is approaching the $35,000 level.
Navigating the bullish patterns
The trader highlighted the emergence of a "high n' tight flag" formation, often seen as a bullish indicator in market analysis.
The "high n' tight flag" is a bullish continuation pattern often seen after a significant upward move in price. This pattern gets its name from its appearance: the "high" refers to the rapid and almost vertical price ascent, while "tight" describes the subsequent consolidation phase, which appears like a flag on the chart. Essentially, after a sharp rise, the price starts to consolidate or move sideways, creating a flag-like formation.
If Bitcoin adheres to this trajectory, Olszewicz foresees the possibility of a breakout reaching the yearly pivot point of $API3 8,000. #BTC $XRP
