Price: $0.31599 -5.994%
Market Cap: 46.55B 1.4016%
Volume (24h): 5.46B 0%
Dominance: 1.4016%
Price: $0.31599 -5.994%
Market Cap: 46.55B 1.4016%
Volume (24h): 5.46B 0%
Dominance: 1.4016% 1.4016%
  • Price: $0.31599 -5.994%
  • Market Cap: 46.55B 1.4016%
  • Volume (24h): 5.46B 0%
  • Dominance: 1.4016% 1.4016%
  • Price: $0.31599 -5.994%
Home > Information news > How Bitcoin Price Spent The Past Months Building a Huge Bullish Pattern – $90K Will Come ‘Quickly’

How Bitcoin Price Spent The Past Months Building a Huge Bullish Pattern – $90K Will Come ‘Quickly’

Release: 2024/09/20 06:41 Reading: 201

Original author:CaptainAltcoin

Original source:https://coinmarketcap.com/community/articles/66eca249400ec51712003aea

How Bitcoin Price Spent The Past Months Building a Huge Bullish Pattern – $90K Will Come ‘Quickly’

Bitcoin's Price Formation Reveals a Promising Bullish Pattern

Crypto analyst "@CryptoJelleNL" has observed that Bitcoin (BTC) has been consolidating within a bullish flag pattern for months, hovering just below its record highs. According to the analyst, a breakout from this consolidation could propel Bitcoin's value swiftly to $90,000.

Chart Analysis: Bullish Flag Formation

Bitcoin's price chart displays a well-defined bullish flag pattern since late 2023. This pattern typically precedes a continuation of the prevailing uptrend after a period of consolidation. Bitcoin's current price of approximately $63,438 remains contained within the flag's boundaries.

The flag comprises two parallel trendlines that have confined price movements over the past several months. Such formations often signal the potential for a bullish breakout, especially given that Bitcoin has not yet breached the upper resistance line. If it does, the ensuing rally could be significant, with the next major target set at $90,000.

Technical Indicators Support Bullish Outlook

CryptoJelleNL's analysis aligns with the technical indicators, which point to a strong bullish sentiment. The current consolidation below the all-time highs suggests that Bitcoin is accumulating strength and awaiting an opportune moment to break higher.

Implications for Traders

The flag pattern's position below Bitcoin's previous peak of over $70,000 reinforces its bullish potential. Consolidation near all-time highs often precedes a breakout if support holds and the price remains above critical levels.

As Bitcoin navigates this neutral phase within the flag, it could be preparing for a robust upward movement once it overcomes resistance and confirms the breakout.

Disclaimer: Investment in cryptocurrencies is highly speculative and carries significant risk. Only invest what you can afford to lose.

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