After surging nearly $15,000 in less than three weeks, Bitcoin bulls have gathered, ready for the final push that will send Bitcoin back to all-time highs and beyond. The liftoff is imminent.
Bitcoin Bulls Ready for the Final Push
This is Bitcoin’s moment. The entire bull market so far has aimed to propel Bitcoin to this point, where the king of cryptocurrencies stands on the brink of becoming the most significant currency worldwide.
Bears have done their best. When Bitcoin reached and surpassed its all-time high in March of this year, bears managed to pull the market sideways and downward, almost returning it to $53,500.
However, a massive rally from this level has led Bitcoin all the way back to the bull flag’s peak. After such a significant price increase, it was expected that the $BTC price would again be rejected from the flag’s peak.
However, this brief pause in the upward movement has served to allow bulls to gather once again for the final push that could send Bitcoin to the top of the flag and back to all-time highs.
BTC Price Flirts With Bull Flag Peak
Source: TradingView
In the short-term 4-hour timeframe, it can be seen that the $BTC price is flirting with the peak of the bull flag. Following the rejection, the price is now moving within an ascending channel – a bounce from its lower end has recently occurred.
Careful consideration shows this is a bearish pattern, and most times the price is expected to break out of this channel downwards. Additionally, the price is expected to typically test at least the 0.236 Fibonacci retracement level, which stands at $65,000.
That being said, the price is currently bouncing from the lower end of the channel, and another attempt to break the peak of the bull flag could be on the cards. Moreover, the fact that all short-term momentum indicators like stochastic RSI are nearly reset is an excellent sign for renewed upward momentum.
The Time Has Come for Bitcoin
Source: TradingView
Zooming in on the daily timeframe, the $BTC price reveals itself near the peak of the bull flag. There is some debate whether this is indeed a bull flag. Renowned trader Peter Brandt has expressed his view that the pattern is no longer a bull flag, given its prolonged duration.
If this is the case, the pattern is at least a descending channel, and if it breaks upwards, the measured move for it would be around $82,000.
If the price of $BTC does as expected and breaks out of the channel, the all-time high of $73,800 likely won’t last long. The next move towards $100,000 (the 1.618 Fibonacci level) would likely follow. After that, the next significant level would be $150,000. Will Bitcoin reach there? That is still very much in the realm of speculation. What is becoming more apparent is that $BTC could potentially be a global reserve currency. The time for Bitcoin has come.
Disclaimer: This article is provided for informational purposes only. It is not intended nor should it be construed as legal, tax, investment, financial, or other advice.
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