Fibonacci extension target - 37,000$ !
On the four-day chart, Bitcoin has completed the initial formation phase of a significant cup and handle pattern. However, it is important to note that the pattern has not been confirmed yet.
However, it is important to note that the technical outlook is currently leaning slightly more towards a bearish stance than a bullish one, with limited momentum evident. If a conclusive breakout above the 31,000 level is confirmed, the subsequent Fibonacci extension target is estimated to be around $37,000.
The significance of the $37,000 price target stems from a potential bullish flag pattern observed on the eight-hour timeframe.
