Bitcoin chart bull flag is a ‘strong bullish setup’ — Analyst
Bitcoin BTCUSD printed a bull flag on the daily chart, a technical chart pattern associated with strong upward momentum for the asset. Could it signal the start of the post-halving bull run?
Bitcoin bull flag suggests more upward momentum — Analyst
Bitcoin printed a bull flag pattern on the daily chart on April 26, according to an X (formerly Twitter) post by popular crypto analyst Mikybull, who wrote:
The current chart formation is “a strong bullish setup,” according to Denis Baca, financial analyst and head of product at Zivoe. Baca told Cointelegraph:
However, Bitcoin is unlikely to rally higher in the absence of a significant catalyst, according to Andrey Stoychev, the head of prime brokerage at Nexo. He told Cointelegraph:
Traders should keep an eye on the $65,000 Bitcoin price level. A move above this level would liquidate over $500 million worth of cumulative leveraged short positions, according to Coinglass.
Related: Bitcoin outperforms Tesla stock for the first time since 2019
Could Bitcoin price dip below $60,000 before the bull rally?
While Bitcoin has seemingly formed strong support above the $60,000 mark, a potential dip below could still happen before rallying to new highs, according to Baca. He said:
However, Nexo’s Stoychev doesn’t expect Bitcoin to fall below $60,000 unless U.S. interest rates remain high for longer than expected. He said:
If Bitcoin price falls below $60,000, it would liquidate over $1.4 billion worth of cumulative leveraged long positions, according to Coinglass.
Related: Bitcoin’s daily transactions reach new record high
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.