Bitcoin (BTC) has displayed a bullish flag pattern on its daily chart, suggesting a potential increase in upward momentum for the cryptocurrency. This pattern, often associated with strong price surges, has led to speculation about the start of a post-halving bull run.
Renowned crypto analyst Mikybull revealed the bull flag pattern in a recent post on X (formerly Twitter). The current chart formation has been described as a “strong bullish setup” by Denis Baca, a financial analyst and the head of product at Zivoe.
Despite this positive outlook, some experts believe that Bitcoin will not experience a significant rally without a notable catalyst. Andrey Stoychev, the head of prime brokerage at Nexo, stated that the absence of such a catalyst could hinder Bitcoin’s upward movement.
Traders are advised to closely monitor the $65,000 price level for Bitcoin. A breach above this level would result in the liquidation of over $500 million in leveraged short positions, as indicated by Coinglass’s data.
While Bitcoin has demonstrated a strong support level above $60,000, Baca suggests that a temporary dip below this mark could still occur before the cryptocurrency rallies to new highs.
However, Stoychev does not anticipate Bitcoin dropping below $60,000 unless U.S. interest rates unexpectedly remain high for an extended period.
If Bitcoin were to potentially fall below $60,000, it would trigger the liquidation of over $1.4 billion in leveraged long positions, according to Coinglass.
It’s important to note that this article does not provide investment advice or recommendations. Readers are encouraged to conduct their own research and exercise caution when making financial decisions.