After increasing nearly $15,000 in the space of less than three weeks, Bitcoin bulls have been gathering themselves ready for that last push that will send Bitcoin back to its all-time highs and beyond. Lift-off is nigh.
Bitcoin bulls ready for last push
This is Bitcoin’s time. The entire bull market so far has been to thrust Bitcoin to this point, where the king of the cryptocurrencies is on the brink of becoming the most important currency throughout the planet.
Bears have done their best. When Bitcoin reached and surpassed its all-time high back in March this year, the bears were able to overcome the buying and force the price sideways and downwards almost to the point of no return at $53,500.
However, a huge rally from this level has taken Bitcoin all the way back to the top of its bull flag. After such a massive price surge it was only to be expected that the $BTC price would be rejected from the top of the flag once again.
Nevertheless, this short hiatus in the upward movement has served to allow the bulls to gather once again for that last push that could send Bitcoin through the top of the flag and back to the all-time highs.
$BTC price flirts with top of bull flag
Source: TradingView
In the short-term 4-hour time frame, it can be seen how the $BTC price is flirting with the top of the bull flag. After being rejected, the price is now moving within an upward sloping channel - a bounce from the bottom of which has recently been made.
Erring on the side of caution, this is a bearish pattern, and more often than not the price would be expected to exit this channel to the downside. Also, the price would normally be expected to at least test the uppermost fibonacci level of 0.236, which is at $65,000.
That said, the price is currently bouncing from the bottom of the channel, and another attempt to break the top of the bull flag could be on the cards. Also, the fact that all the short term stochastic RSI momentum indicators have just about reset is a great sign for renewed upside momentum.
Bitcoin’s time has come
Source: TradingView
Zooming out into the daily time frame, the $BTC price is revealed near the top of the bull flag. There is some discussion as to whether this is still a bull flag. Renowned trader Peter Brandt posted his view on X that the pattern is no longer a bull flag, given that it has gone on for so long.
If this is the case, the pattern is a downward-sloping channel at the very least, and if it breaks to the upside, the measured move for this would be to $82,000.
Should the $BTC price do the expected, and break out of the channel, the all-time high of $73,800 would probably not last for long. The next move up to $100,000 (1.618 fibonacci level) would likely follow. After this, the next major level would be $150,000. Will Bitcoin get there? That’s still very much in the lap of the gods. What is becoming more apparent, is that $BTC can potentially be a world reserve currency. Bitcoin’s time has come.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
