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Although Currently undergoing a short patch After the price level touched approximately $100,000, technical analysis showed the emergence of a bullish pattern on the Bitcoin price chart.
It is worth noting that the correction led to the formation of a bullish flag on the Bitcoin price chart in the form of a candle over a period of three days. This development could be the bullish momentum needed to eventually cross the $100,000 price threshold. However, the expected breakout is not just more than $100,000, but a rally that would send the cryptocurrency to $145,000.
A bullish flag appears on the Bitcoin price chart
The recent price action in the last 24 hours has seen the price of Bitcoin return to the $96,000 price level after spending the majority of the time. A week on the correction track. In particular, this correction brought the price of Bitcoin to a low of $91,000 as many traders took profits.
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Notably, this back-and-forth movement of the BTC price led to the formation of a small bullish flag. Cryptocurrency analyst Trader Tardigrade, known for his technical analysis, pointed out this formation on social media platform X. He mentioned in his post“Small Pennant Big Target,” indicating the formation on the 3-day candlestick price chart of Bitcoin.
Bullish flag It is a continuation pattern They often appear during strong uptrends. It begins with a sharp price movement (flagpole), followed by a consolidation phase (banner), before it breaks out in the same direction as the initial trend.
The appearance of this bullish flag on Bitcoin’s three-day chart indicates that the cryptocurrency may be preparing for another rally. However, the formation indicates that Bitcoin price could still continue to consolidate for a while as liquidity in the banner has not yet been filled. However, Trader Tardigrade’s analysis highlights the long-term implications of this formation. According to his forecast, once Bitcoin completes its consolidation and exits the flag, it could rise towards an ambitious price target of $145,000.
The $145,000 price target has become somewhat frequent among cryptocurrency analysts. For example, this price target also made its way into the analysis conducted by cryptocurrency analyst Tony Severino, who analyzed it He pointed to the highest price of Bitcoin For this course it is approximately $145,000.
The $100,000 price target is still in play
At the time of writing, BTC price is trading at $96,070 and is up 0.5% in the past 24 hours but down 3.3% in the past seven days. Possibility of Bitcoin price reaching the $100,000 price mark It’s not a question of if At this point but when.
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Speaking of when, BTC price is about to see another catalyst that could finally send it above $100,000. Bitcoin is about to undergo its largest monthly options expiration of 2024 on Friday, including total exposure of $13.6 billion. This expiration event could provide the momentum needed for bullish traders to push the price of Bitcoin beyond $100,000 next week.
Featured image created with Dall.E, chart from Tradingview.com
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