Bitcoin’s price has been bouncing around lately, dipping below $100,000 after a period of sideways trading. But one analyst thinks this is just a temporary setback.
The Bull Flag Pattern
A crypto analyst, Weslad, has spotted a “Flag Pole” pattern on the Bitcoin chart – a technical indicator often seen before a big price jump. This pattern suggests a bullish continuation, meaning the upward trend might resume soon.
Weslad sees this recent dip not as a bearish sign, but as a period of accumulation by “smart money.” Essentially, big players are buying Bitcoin at lower prices before a big price surge. He calls the recent correction a “fake down,” a strategic move to shake out less confident investors.
The Roadmap to $120,000
According to Weslad’s analysis, Bitcoin’s price faced resistance after a 27% rally. This resistance, however, formed the “flag” part of the “Flag Pole” pattern. He believes Bitcoin’s resilience around the $91,000-$95,000 range further supports this bullish outlook.
Weslad also points to a breakout from a descending channel, another positive technical signal. He predicts an initial surge to $108,089, with the potential to reach a final target of $120,843 if the momentum holds.
Key Breakout Signals
Weslad’s $120,843 prediction hinges on Bitcoin successfully breaking through a resistance zone between $108,000 and $109,000. If that happens, a significant price increase is likely.
Currently, Bitcoin is trading around $96,142, down slightly over the past week. Whether it can reach these ambitious targets remains to be seen, but this analyst’s prediction is certainly generating buzz.
