Bitcoin's price is currently hovering above $107,000, marking a 4.89% weekly gain. This upward movement has translated into a 1.06% monthly increase, signaling a gradual shift in market control from bears to bulls after weeks of consolidation.
Renowned market analyst Merlijn Trader highlights this emerging bullish momentum, identifying a bull flag pattern on Bitcoin's daily chart alongside a positive MACD crossover.
Bull Flag Pattern Signals Strong Upside Potential
A bull flag is a classic continuation pattern indicating that an uptrend may resume despite temporary consolidation. As shared by Merlijn, this pattern began with a sharp price surge (the "flagpole")—when Bitcoin rallied from ~$74,000 in early April to over $110,000 by late May.
The flagpole was followed by a consolidation phase (the "flag"), forming a descending channel between $101,000 and $110,000. Recent charts show Bitcoin breaking above the flag's upper boundary, suggesting a potential resumption of the uptrend.
Key Takeaways:
- Target Price: A confirmed breakout could propel Bitcoin to $144,000—a 34% increase from current levels—matching the flagpole's height.
- MACD Crossover: The June 2024 bullish MACD crossover reinforces the breakout signal, coinciding with Bitcoin testing the flag's resistance.
Merlijn cautions investors against FOMO but encourages early positioning to capitalize on the anticipated rally. Always conduct independent research before investing.
Bitcoin Price Snapshot
As of this writing, Bitcoin trades at $107,485, up 0.03% over 24 hours.
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FAQ
Q: What is a bull flag pattern?
A: It’s a chart pattern signaling trend continuation, comprising a sharp rise (flagpole) followed by a consolidation channel (flag).
Q: How reliable is the $144,000 target?
A: Targets based on flagpole height are probabilistic. Confirm the breakout with volume and closing prices.
Q: What other indicators support this bullish view?
A: The MACD crossover and rising monthly gains add confluence to the breakout thesis.
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