As a seasoned financial analyst with extensive experience in the crypto market, I find the current bull flag formation on Bitcoin’s daily chart intriguing. The potential for strong upward momentum is undeniable, and it could indeed signal the start of the post-halving bull run.
The daily chart of Bitcoin (BTC) has formed a bull flag, a technical indicator implying robust uptrend for the cryptocurrency. Might this be an early sign of the anticipated bull market following the halving event?
Bitcoin bull flag suggests more upward momentum: Analyst
As a cryptocurrency analyst, I’ve observed that Bitcoin formed a bull flag pattern on its daily chart as of April 26, based on my assessment of the price action. Mikybull, a well-known figure in the crypto community and formerly active on Twitter, shared this insight in one of his recent posts.
“Bitcoin on a daily chart forming a bull continuation pattern. According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be.”
According to Denis Baca, financial analyst and head of product at Zivoe, the present chart configuration exhibits a robust sign of an uptrend or bullish market situation. He shared this perspective with CryptoMoon.
“We’re seeing a bull flag on Bitcoin’s daily chart, which historically suggests more upside. It’s shaping up nicely after a solid rally, with declining volume indicating a pause before potentially shooting towards $100,000.”
According to Andrey Stoychev, the head of prime brokerage at Nexo, Bitcoin is unlikely to experience further growth without a major catalyst. He made this statement during an interview with CryptoMoon.
“After testing $64,000 more than once on the day, only to confirm it as resilient support, Bitcoin does signal the potential for a further climb upward. Despite that, any significant price rises could remain unrealized, with Bitcoin merely reaching the upper bands of the established trading range of around $67,000.”
Keep a close watch on the Bitcoin price reaching the $65,000 mark. If it surpasses this point, approximately $500 million in aggregated leveraged short positions will be liquidated based on data from Coinglass.
Could Bitcoin price dip below $60k before the bull rally?
According to Baca’s analysis, Bitcoin has displayed robust resistance at the $60,000 level. However, there’s a possibility of a brief decline beneath this price point preceding further gains and reaching new peaks.
“Historically going into May, we see Bitcoin fade to retest support of the 20-week [small moving average] SMA, which would put Bitcoin at $56,000. I think such a move would be healthy before going higher. It’s exactly these kinds of dips that can offer solid buying opportunities before the next climb to record highs.”
Nexo’s Stoychev believes Bitcoin will likely hold above $60,000, but if US interest rates persist at higher-than-anticipated levels, the cryptocurrency could dip below that mark.
“Unless there is a long period of high interest rates affecting sentiment towards digital assets for the remainder of 2024, it’s unlikely that Bitcoin will retrace that far back.”
As a crypto investor, if the price of Bitcoin were to dip below the $60,000 mark, it would result in the liquidation of approximately $1.4 billion in aggregate value of leveraged long positions, based on data from Coinglass.
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2024-04-26 20:03