{"id":605395,"date":"2024-04-27T11:30:26","date_gmt":"2024-04-27T11:30:26","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=605395"},"modified":"2024-06-12T09:27:26","modified_gmt":"2024-06-12T09:27:26","slug":"bitcoin-raises-bull-flag-formation-triggers-calls-for-100000","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000\/","title":{"rendered":"Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000"},"content":{"rendered":"

A <\/span>bull flag<\/span><\/a> recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to <\/span>as high as $100,000<\/span><\/a> when it makes that move.<\/span><\/p>\n

Related Reading: Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat<\/a><\/div>\n

Bitcoin\u2019s Bull Flag Suggests More Upside<\/b><\/h2>\n

Denis Baca, Head of Product at Zivoe Finance, <\/span>noted<\/span><\/a> that the bull flag formation on Bitcoin\u2019s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is \u201cshaping up nicely\u201d and that Bitcoin could potentially shoot up <\/span>towards $100,000<\/span><\/a> once the declining volume picks up.\u00a0<\/span><\/p>\n

However, Baca further suggested that <\/span>Bitcoin could drop below $60,000<\/span><\/a> before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed.\u00a0<\/span><\/p>\n

<\/p>\n

Total crypto market cap currently at $2.2 trillion. Chart: TradingView<\/a><\/pre>\n
Baca opined that such price dips could be \u201chealthy\u201d for Bitcoin before it experiences a reversal. He elaborated that these dips \u201coffer solid buying opportunities,\u201d which could help spark <\/span>Bitcoin\u2019s move to record highs<\/span><\/a>.<\/span><\/p>\n
Crypto analyst Mikybull Crypto<\/span><\/a> also <\/span>shared<\/span><\/a> his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin\u2019s bull run and that a bearish reversal was unlikely.<\/span><\/p>\n
\n
#Bitcoin<\/a> on a daily chart forming a bull continuation pattern.<\/p>\n
According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com\/ArH0lNnyc2<\/a><\/p>\n
\u2014 Mikybull \ud83d\udc02Crypto (@MikybullCrypto) April 26, 2024<\/a><\/p><\/blockquote>\n
He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.”<\/span><\/p>\n
\"\"<\/p>\n
Bitcoin Needs A Catalyst To Spark This Upward Trend<\/b><\/h2>\n
Andrey Stoychev, Head of prime brokerage at Nexo, <\/span>remarked<\/span><\/a> that any potential price rise for Bitcoin is unlikely to be realized <\/span>without a catalyst<\/span><\/a>. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range.\u00a0<\/span><\/p>\n
It is worth noting that the <\/span>Spot Bitcoin ETFs<\/span><\/a>, which previously served as a major catalyst to Bitcoin\u2019s price surges, have recently suffered from <\/span>declining demand<\/span><\/a>. They have also <\/span>experienced significant net outflows<\/span><\/a> this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.\u00a0<\/span><\/p>\n
Related Reading: Analysts Call It: XRP Primed For A 700% Surge \u2013 Details<\/a><\/div>\n
Despite this, Stoychev is positive that Bitcoin won\u2019t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if <\/span>high interest rates<\/span><\/a> are maintained longer than expected, as this can affect sentiment toward crypto assets.\u00a0<\/span><\/p>\n
At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as $100,000 when it makes that move. Related Reading: Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat Bitcoin\u2019s Bull Flag Suggests More Upside Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin\u2019s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is \u201cshaping up nicely\u201d and that Bitcoin could potentially shoot up towards $100,000 once the declining volume picks up.\u00a0 However, Baca further suggested that Bitcoin could drop below $60,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed.\u00a0 Total crypto market cap currently at $2.2 trillion. Chart: TradingView Baca opined that such price dips could be \u201chealthy\u201d for Bitcoin before it experiences a reversal. He elaborated that these dips \u201coffer solid buying opportunities,\u201d which could help spark Bitcoin\u2019s move to record highs. Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin\u2019s bull run and that a bearish reversal was unlikely. #Bitcoin on a daily chart forming a bull continuation pattern. According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com\/ArH0lNnyc2 \u2014 Mikybull \ud83d\udc02Crypto (@MikybullCrypto) April 26, 2024 He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.” Bitcoin Needs A Catalyst To Spark This Upward Trend Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range.\u00a0 It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin\u2019s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.\u00a0 Related Reading: Analysts Call It: XRP Primed For A 700% Surge \u2013 Details Despite this, Stoychev is positive that Bitcoin won\u2019t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets.\u00a0 At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":605401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664,4735,3505],"class_list":["post-605395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-price-action","tag-price-analysis"],"acf":[],"yoast_head":"\nBitcoin Raises Bull Flag, Formation 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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