#MarketSentimentToday
Bitcoin's Bull Flag Spurs $100,000 Demand
Bitcoin's bull flag suggests a trend reversal shortly as the flagship crypto achieves substantial gains. Crypto analyst: The crypto might reach $100,000 when it makes that move.
Zivoe Finance Head of Product Denis Baca remarked that Bitcoin's daily bull flag pattern typically indicates more gains. He said the bullish trend is “shaping up nicely” and Bitcoin might reach $100,000 once volume declines.
Baca said that Bitcoin might dip below $60,000 before exponential growth. He said that the crypto coin usually retests the 20-week SMA in May. This may lower Bitcoin to $56,000, he said.
Current crypto market cap: $2.2 trillion. TradingView chart
Baca said such price drops might be “healthy” for Bitcoin before a reversal. He said that these drops “offer solid buying opportunities,” which might boost Bitcoin to record highs.
Crypto analyst Mikybull Crypto also discussed Bitcoin's bullish tendency. He said the structure supports Bitcoin's bull run and precludes a negative reversal.
According to Wyckoff's rule of cause and effect, “the longer the consolidation, the more explosive the markup will be.” He warned that the next step up may be huge.
Bitcoin Needs A Catalyst To Rise
Nexo Head of Prime Brokerage Andrey Stoychev said Bitcoin prices won't climb without a trigger. He said the flagship crypto asset has robust support near $64,000, but without a trigger, it will trade around $67,000.
The Spot Bitcoin ETFs, which drove Bitcoin's price increases, have seen falling interest. Significant net outflows this month prompted fund issuers to sell Bitcoin to meet redemptions.
However, Stoychev believes Bitcoin won't go below $60,000. He expects Bitcoin to retrace to this level only if high interest rates last longer than projected, which might damage crypto asset sentiment.
Bitcoin is now selling at $62,900, down over 2% in 24 hours, according to CoinMarketCap.
