Bitcoin’s reversal at the $121,000 level has sparked another wave of bullish sentiment in the market. This led to the hope that the Bull Rally will continue and that key digital assets will be set to reach a new all-time high beyond their previous $123,000 peak. This will create multiple bullish patterns on the Bitcoin price chart, giving credibility to the prediction that a new all-time high is on the horizon.
Bull flag puts Bitcoin at its highest ever high
Crypto analyst Madden shared an interesting development for the Bitcoin Price Chart after a recent rally. This analysis focused on a recent break that ended the long-standing integration referring to the continuation of the rally. Additionally, analysts outlined possible next steps in Bitcoin prices and where they are ultimately.
One of the most notable things that happened during this period was that we were able to retest and escape channels with prices above $117,000. As Madden explains, this retest and break is now Possible bull flag, And this could point to a further price surge.
It also suggests a lower price for Bitcoin, due to previous support. Again, there could be a bullish cross on the horizon. This is formed in MACD-Indicator, suggesting that the bear will continue to lose its hold in the market.
Taking all of these developments into consideration, we add the fact that Bitcoin is currently forming the bull flag in textbooks. The most likely outcome from here is that cryptocurrency could increase by 10% to a new peak.
How much can the Bull Flag make the price of BTC?
Three bull flags are highlighted on the chart, making Bitcoin’s highest ever high. The first bull flag is at a $127,500 level indicating the initial continuation of the bullish trend. Once this is established, the other two bull flags appear.
Next is the second Bull flag at the $131,500 level as the Bulls continue to dominate the market. Then, last but not least, the third bull flag marked at the $136,900 level to complete a 10% increase from its current highest.
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