Bitcoin‘s ongoing consolidation and price increase might indicate the approaching conclusion of this stage in the bull market. As $BTC approaches the peak of its bull flag, a breakout could mark the start of the next chapter in the bitcoin market uptrend.
Bitcoin grinds higher despite failing economies
In the midst of global economic instability, where many economies are struggling, Bitcoin may yet fulfill the remainder of its bull market. This is the sort of situation that Bitcoin was designed for. While banks labor under the burden of their poor investments and currencies lose value, Bitcoin steadily advances towards its predetermined goal.
Bitcoin’s route to the top of its bull flagÂ
An uptrend indicated by the bull flag on the chart signifies that Bitcoin’s price is gearing up for further growth beyond $60,000. Despite the volatile exchanges between Iran and Israel leading to potential dangers at this price level, the value managed to hold steady.
An upward trend appears to be the most probable direction for Bitcoin’s ($BTC) price as it approaches the peak of the bull flag. However, reaching $69,000, which served as the previous all-time high during the 2020-2021 bull market, may serve as a significant barrier. If the price manages to surpass this level, the next resistance could be found near $72,000, marking the anticipated peak of the bull flag.
Bitcoin price predictions for rest of the bull market
After a bull flag breakout in Bitcoin’s (BTC) price, determining potential future levels can be facilitated using Fibonacci extensions. The significant levels are around $100,000 for the 1.618 extension and above $150,000 for the 2.618 extension.
Analysts frequently discuss these two price points on social media. Since reaching a new peak for Bitcoin ($BTC) means entering uncharted territory, the Fibonacci tool might provide the most accurate estimation for future pricing.
With some experts raising concerns about decreasing returns for Bitcoin based on past trends in the three prior bull markets, it’s likely that a price tag of $100,000 represents a more moderate estimate for the peak of this current market surge.
Despite the previous perspective that this bitcoin trend might follow the same pattern as before, some analysts argue that this time is unique due to institutional investment. They point out that the entry of these institutions into the market is significantly impacting the price of bitcoin. If their assessment is correct, then the 3.618 Fibonacci level would be around $200,000, and the 4.618 level at approximately $240,000. It’s essential to remain cautious as potential large corrections could still occur.
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2024-04-23 13:10