Bull Flag Formation
A bull flag pattern has emerged on Bitcoin’s chart, indicating a potential reversal and upward trend. Denis Baca, from Zivoe Finance, believes this pattern suggests Bitcoin could rise to $100,000 once volume increases.
Potential Dip Before Surge
Baca notes that Bitcoin may dip below $60,000 before making a significant move upward. This is based on historical patterns where Bitcoin retests its support level around $56,000. However, Baca believes these dips are healthy and provide buying opportunities.
Continuation of Bull Run
Mikybull Crypto agrees that the bull flag pattern indicates a continuation of Bitcoin’s bull run. He cites Wyckoff’s law, which suggests that extended consolidation leads to explosive growth.
Catalyst Needed for Upward Trend
Andrey Stoychev from Nexo cautions that a catalyst is needed to trigger Bitcoin’s upward trend. While Bitcoin has found support at $64,000, without a catalyst, it may remain within the $67,000 range.
Outlook
Despite the recent decline in Spot Bitcoin ETFs, Stoychev predicts that Bitcoin will not fall below $60,000 unless interest rates remain high for an extended period. As of now, Bitcoin is trading around $62,900.
