😱🚀🚀Bitcoin Raises Bull Flag, Formation Triggers $100,000 Call
A bullish flag has recently appeared on the Bitcoin chart, increasing the likelihood of a reversal of the trend in a short time when the flagship crypto makes significant moves upwards. This crypto analyst suggests that the crypto could go up to $ 100,000 when he makes this move.
Bitcoin's Bullish Flag Points To Further Upside
Denis Baca, Product Manager at Zivoe Finance, noted that the bullish flag formation on Bitcoin's daily chart historically suggests that the crypto token is preparing for more advantages. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially rise towards $100,000 when the declining volume picks up.
However, Baca also suggested that Bitcoin could fall below $ 60,000 before making such a parabolic move. He touched on how the crypto token has historically retested the support level of the 20-week SMA (small moving average) in May. He claimed that this could cause Bitcoin to fall to $ 56,000.
The total crypto market capitalization currently stands at $2.2 trillion.
Baca noted that such price drops may be “healthy” for Bitcoin before they reverse. He noted that these declines “offer solid buying opportunities" that could help Bitcoin rise to record highs.
Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. For his part, he suggested that the formation further proves that Bitcoin's bull run is continuing, and it is unlikely that the downward trend will reverse.
#BTC Needs a Catalyst to Trigger This Upward Trend
Andrey Stoychev, head of Nexo's main brokerage firm, stated that it is unlikely that any potential price increase for Bitcoin will be realized without a catalyst. He noted that the flagship crypto token managed to establish flexible support at $ 64,000, but will continue to trade only in the December of $ 67,000 without any catalysts.
