Skip to main content

Bitcoin To Rally To $144,000 As Bull Flag Pattern Forms – Analyst

Bitcoin prices are currently hovering above $107,000 following a bullish trading week during which the premier cryptocurrency gained by 4.89%. Interestingly, this recent price rally has translated into a 1.06% gain on the monthly chart suggesting a hinting at a gradual shift in market control back to the bulls after several weeks of descending consolidation.

Notably, renowned market analyst with pseudonym Merlijn The Trader backs this emerging bullish momentum, having identified a bull flag pattern on the Bitcoin daily chart, alongside a positive MACD crossover.

Bull Flag Pattern Signals Strong Upside Potential For Bitcoin

The bull flag is a classic bullish continuation pattern indicating a price rally is likely to persist despite ongoing consolidation. As seen in the chart shared by Merlijn, this bullish chart pattern begins with a sharp price rally i.e. the flagpole which is seen when Bitcoin kickstarted an uptrend in early April with prices climbing aggressively from around $74,000 to over $110,000 in late May. 

Bitcoin

The flagpole is followed by the flag/pennant which is a period of price consolidation that forms a downward or sideways-sloping channel. This price movement is from when Bitcoin reached a new all-time high on May 22 till now with prices largely consolidating within a descending channel between $101,000 – $110,000. The flag is usually interpreted as brief cooling-off period before momentum resumes in the direction of the original trend.

Interestingly, recent candle movement shows a breakout from the bull flag upper boundary indicating the uptrend may soon resume. Based on Merlijn’s analysis, if the breakout is confirmed with a decisive close, the measured move for the new price rally, which is usually similar to the length of the initial flagpole points toward a target of $144,000 i.e. a potential 34% on current market prices.

In supporting this bullish case, the market analyst has also observed a recent crossover on the Moving Average Convergence Divergence (MACD) indicator. Notably, the MACD line (blue) has crossed above the signal line (orange) from below, often interpreted as a buy signal by traders. Interestingly, this marks the first positive crossover in June and comes when Bitcoin tests the upper band of the bull flag.

With both price action and technical indicators hinting at an impending breakout, Merlijn nudges investors to front-run this rally or risk FOMO once the move is fully underway. However, all market participants are advised to do their due diligence before making investment decisions.

Bitcoin Price Overview

At the time of writing, Bitcoin exchanges hands at $107,485 after a minor 0.03% gain in the last day.

Bitcoin

from Bitcoinist.com https://ift.tt/lhSu2Ni
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Goes Official: Texas Becomes 1st US State With BTC Reserve

Everything is big in Texas, many would say. Today, the state is looking past its current state of finances by adding Bitcoin to its coffers–and making things bigger in terms of its economic implications. Texas became the first US state to establish a crypto reserve . On March 7, 2025, legislators passed Senate Bill 21, which gives the green light to the state to direct public funds toward Bitcoin and other digital assets. The action has elicited both support and concern, with some viewing it as a prudent financial hedge and others warning of potential pitfalls. A Push For Bitcoin In The Lone Star State For months, Texas has been seeing increasing favor for the idea of a Bitcoin reserve. Senator Charles Schwertner introduced SB 778, a measure that proposes establishing a strategic stockpile. Including the top crypto asset into the state’s financial reserves was meant to help cushion inflation and economic uncertainty. Texas officials, especially Lieutenant Governor Dan Patrick, wh...
Post a Comment
Read more

Liczba milionerów kryptowalutowych wzrosła o 40%. Rynek przekracza 3,3 biliona dolarów

Rozwój rynku kryptowalut widać również bo liczbie osób, których portfel kryptowalutowy przekroczył milion dolarów. Według najnowszego raportu Henley & Partners, liczba inwestorów posiadających majątek przekraczający milion dolarów w cyfrowych aktywach wzrosła o 40% w ciągu ostatniego roku. Aktualnie na świecie jest już 241 700 milionerów, jeśli chodzi o waluty cyfrowe. Wzrost ten zbiegł się z historycznym momentem, gdyż w połowie 2025 roku kapitalizacja całego rynku kryptowalut przekroczyła 3,3 biliona dolarów . Bitcoin wciąż liderem wzrostów Największy udział w tworzeniu nowych fortun ma niezmiennie Bitcoin. Liczba posiadaczy portfeli BTC, których wartość przekracza milion dolarów, wzrosła aż o 70% rok do roku i wynosi dziś 145 100 . Jeszcze bardziej imponująco wygląda grupa tzw. Centymilionerów, czyli inwestorów posiadających ponad 100 milionów dolarów w Bitcoinie. Ich liczba wzrosła o 63% , osiągając poziom 254 osób. Co więcej, liczba miliarderów BTC podskoczyła do 17, notu...
Post a Comment
Read more

Slow And Steady Wins? Bitcoin To Hit $1M Via ‘Pump’ And ‘Consolidate’ Pattern: Expert

The bull cycle was deemed over when the price of Bitcoin tragically fell toward $75,000 earlier in March 2025. Having notched an all-time high of above $100,000, most investors feared that the premier cryptocurrency had already reached its top for the current cycle. Contrary to popular belief, the price of Bitcoin has since forged multiple new all-time highs, with the current record high at around $122,800. Interestingly, the now-popular market consensus is that it is only a matter of time before the BTC price reaches a seven-figure valuation. How Will Bitcoin Hit $1 Million In 10 Years? In a recent post on the X platform, Blockware Bitcoin analyst Mitchell Askew has joined a growing list of experts to put forward a $1 million projection for the premier cryptocurrency. According to the analyst, the price of BTC is expected to achieve this major milestone over the next 10 years. What’s interesting is that Askew expects the Bitcoin price to reach a $1 million valuation in the next ...
Post a Comment
Read more