Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000

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.

Bitcoin’s Bull Flag Suggests More Upside

Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards $100,000 once the declining volume picks up. 

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. 

Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s 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’s 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

— Mikybull