The price of Bitcoin (BTC) seems to be losing momentum after its bullish breakout to the $52,000 price mark, but some patterns indicate further optimistic activity may be ahead.
Bitcoin Price To Reach $61,000
On Thursday, Titan of Crypto, a well-known cryptocurrency analyst shared an interesting prediction for Bitcoin in the near future on the social media platform X (formerly Twitter) sparking hope within the community.
Titan of Crypto pointed out in the post that Bitcoin is about to form a trend that he called a “Bull Flag formation.” As a result of this latest action, he has placed a near-term price target for BTC at the $61,000 threshold.
However, the expert noted that the crypto asset is presently experiencing a retest of the Tenkan indicator. According to Titan of Crypto, the price of Bitcoin encounters a pullback every time it reaches the $50,700 level.
Furthermore, the analyst asserted that there is a good chance that bull flag formation will materialize as long as the Tenkan retest remains steady. However, he anticipates a potential drop to $47,300 at the Kijun level, if a breakout toward the downside occurs.
The post read:
Bitcoin Bull flag formation: target at $61,000. BTC is retesting Tenkan at the moment. Each time it hits the $50,700 level it’s bought back. Look at the candle wicks. As long as Tenkan holds the potential bull flag formation is likely to play out. If it were to break to the downside, next support would be Kijun at currently approximately $47,300.
Titan of Crypto has identified another exciting piece of information regarding Bitcoin’s current stance in the market. In another X post, he claims that BTC has entered the “second phase of the bull run.”
The crypto expert stated that BTC’s “Monthly Williams %R” is approaching the “top dotted line.” He mentioned that when the development took place in the last cycle, Bitcoin was about to enter its second bull market phase.
Bitcoin, as of the time of writing, was trading at $50,986, indicating a 1.55% decline in the past 24 hours. Data from CoinMarketCap shows its market cap and trading volume are both down by 1.56% and 20.48%, respectively.
BTC Network Sees Significant Investment Inflow From Investors
With the recent rally, BTC appears to have garnered investors’ interest as the asset has experienced a rise in investment inflow. Willy Woo, a crypto analyst, reported that every day, the network receives around an average of $607 million in new investor demand.
Meanwhile, the overall number of new Bitcoins created daily by mining is just approximately $46 million. In the post, Woo also highlights the importance of the upcoming BTC supply halving, which is just 60 days away.
As it is widely known, Bitcoin halving is when the introduction of new BTCs into circulation is cut by half, which happens every four years after miners solve 210,000 blocks.
Featured image from iStock, chart from Tradingview.com
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