Crypto analyst “@CryptoJelleNL” reported that Bitcoin (BTC) has spent months building a huge bullish flag right below its all-time highs over the past year. He said the breakout from this pattern could drive Bitcoin’s price to $90,000 rapidly.
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Show more +Show less – Bitcoin’s Chart Analysis: A Strong Bullish Flag Formation
The chart analysis reveals that Bitcoin has been fluctuating within a clearly defined bullish flag since late 2023. This pattern typically indicates a period of consolidation before a potential continuation of the previous upward trend. Bitcoin’s current price, around $63,438, remains within the bounds of this flag.
The flag consists of two parallel trendlines that have contained the price movements over the past several months. Such patterns often signal the possibility of a bullish breakout, especially as Bitcoin has yet to break above the upper resistance line. If it does, the rally could be swift, with the next major target set at $90,000.
Image Source: X/CryptoJelleNL
With CryptoJelleNL’s prediction, the analysis indicates that the cryptocurrency is positioned just below its all-time highs, which strengthens the bullish outlook.
Moreover, Bitcoin’s price action reflects a strong bullish sentiment. The ongoing consolidation below the highs suggests that Bitcoin could be in an accumulation phase, waiting for the right moment to push higher.
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Bitcoin Consolidating Before the Next Move
The flag pattern’s position below Bitcoin’s previous peak of over $70,000 gives it additional strength. Such consolidation near all-time highs often signals an impending breakout, as long as the support holds and the price doesn’t slip below key levels.
Moreover, the analysis suggests that Bitcoin is maintaining a neutral position within the flag. This neutral phase could be setting the stage for a strong bullish move, assuming the price eventually clears the resistance and confirms the breakout.
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The post How Bitcoin Price Spent The Past Months Building a Huge Bullish Pattern – $90K Will Come ‘Quickly’ appeared first on CaptainAltcoin.
