Bitcoin (BTC) has formed a bullish flag pattern on the daily chart, indicating the potential for a strong upward trend. This chart formation was highlighted by popular crypto analyst Mikybull in a recent post on X (formerly Twitter). The pattern suggests that Bitcoin could be entering a post-halving bull run.
Financial analyst Denis Baca, who is also the head of product at Zivoe, describes the current chart formation as a “strong bullish setup.” However, Andrey Stoychev, the head of prime brokerage at Nexo, believes that Bitcoin will need a significant catalyst to rally higher.
Traders should closely monitor the $65,000 price level for Bitcoin. A move above this level would lead to the liquidation of over $500 million worth of leveraged short positions, according to Coinglass.
While Bitcoin has found support above the $60,000 mark, Baca suggests that a dip below this level could still occur before the asset rallies to new highs. On the other hand, Stoychev does not expect Bitcoin to fall below $60,000 unless U.S. interest rates remain high for an extended period.
If the price of Bitcoin does fall below $60,000, it would result in the liquidation of over $1.4 billion worth of leveraged long positions, according to Coinglass.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.