{"id":605395,"date":"2024-04-27T11:30:26","date_gmt":"2024-04-27T11:30:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=605395"},"modified":"2024-06-12T09:27:26","modified_gmt":"2024-06-12T09:27:26","slug":"bitcoin-raises-bull-flag-formation-triggers-calls-for-100000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000\/","title":{"rendered":"Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A <\/span><a href=\"https:\/\/bitcoinist.com\/xrp-7000-bull-flag-price-25\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">bull flag<\/span><\/a><span style=\"font-weight: 400\"> recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-100000-cardano-dead\/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">as high as $100,000<\/span><\/a><span style=\"font-weight: 400\"> when it makes that move.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/is-sui-sinking-tvl-tanks-as-crypto-price-fails-to-keep-afloat\/\" target=\"_blank\" rel=\"noopener \">Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat<\/a><\/div>\n<h2><b>Bitcoin\u2019s Bull Flag Suggests More Upside<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Denis Baca, Head of Product at Zivoe Finance, <\/span><a href=\"https:\/\/x.com\/Cointelegraph\/status\/63118078\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">noted<\/span><\/a><span style=\"font-weight: 400\"> that the bull flag formation on Bitcoin\u2019s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is \u201cshaping up nicely\u201d and that Bitcoin could potentially shoot up <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/analysts-identify-key-scenario-for-bitcoin-hitting-100000\/#:~:text=Bitcoin%20Poised%20For%20A%20Notable%20Rally%20To%20%24100%2C000&amp;text=As%20a%20result%2C%20the%20largest,currently%20making%20a%20strong%20comeback.&amp;text=These%20bullish%20investors%2C%20according%20to,to%20the%20%24100%2C000%20price%20level.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">towards $100,000<\/span><\/a><span style=\"font-weight: 400\"> once the declining volume picks up.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Baca further suggested that <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-rise-above-57000\/#:~:text=Bitcoin%20isn&#039;t%20showing%20signs,a%20bullish%20narrative%20for%20BTC.\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Bitcoin could drop below $60,000<\/span><\/a><span style=\"font-weight: 400\"> before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/Q3HGdvcl\/\" width=\"1835\" height=\"883\"><\/p>\n<pre style=\"text-align: center\">Total crypto market cap currently at $2.2 trillion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p><span style=\"font-weight: 400\">Baca opined that such price dips could be \u201chealthy\u201d for Bitcoin before it experiences a reversal. He elaborated that these dips \u201coffer solid buying opportunities,\u201d which could help spark <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s move to record highs<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><a href=\"https:\/\/bitcoinist.com\/dogecoin-doge-price-can-reach-1\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Crypto analyst Mikybull Crypto<\/span><\/a><span style=\"font-weight: 400\"> also <\/span><a href=\"https:\/\/x.com\/MikybullCrypto\/status\/25083032\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">shared<\/span><\/a><span style=\"font-weight: 400\"> his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin\u2019s bull run and that a bearish reversal was unlikely.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> on a daily chart forming a bull continuation pattern.<\/p>\n<p>According to Wyckoff&#8217;s law of cause and effect &#8220;the longer the consolidation, the more explosive the markup will be&#8221; <a href=\"https:\/\/t.co\/ArH0lNnyc2\" rel=\"nofollow\">pic.twitter.com\/ArH0lNnyc2<\/a><\/p>\n<p>\u2014 Mikybull \ud83d\udc02Crypto (@MikybullCrypto) <a href=\"https:\/\/twitter.com\/MikybullCrypto\/status\/25083032?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 26, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">He also hinted that the next leg up could be massive as he alluded to Wyckoff&#8217;s law of cause and effect, which states that &#8220;the longer the consolidation, the more explosive the markup will be.&#8221;<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-605396\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/a_438550.png?resize=561%2C320\" alt=\"\" width=\"561\" height=\"320\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/a_438550.png?w=561 561w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/a_438550.png?w=460 460w\" sizes=\"(max-width: 561px) 100vw, 561px\"><\/p>\n<h2><b>Bitcoin Needs A Catalyst To Spark This Upward Trend<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Andrey Stoychev, Head of prime brokerage at Nexo, <\/span><a href=\"https:\/\/x.com\/Cointelegraph\/status\/16262305\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">remarked<\/span><\/a><span style=\"font-weight: 400\"> that any potential price rise for Bitcoin is unlikely to be realized <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/massive-move-for-bitcoin\/#:~:text=Crypto%20Market%20Preparing%20For%20A%20%E2%80%9CThird%20Industrial%20Revolution%E2%80%9D&amp;text=He%20stated%20that%20the%20flagship,start%20after%20Bitcoin%20hits%20%2472%2C000.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">without a catalyst<\/span><\/a><span style=\"font-weight: 400\">. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is worth noting that the <\/span><a href=\"https:\/\/bitcoinist.com\/spot-bitcoin-etf-noobs-panic-selling\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\">, which previously served as a major catalyst to Bitcoin\u2019s price surges, have recently suffered from <\/span><a href=\"https:\/\/bitcoinist.com\/demand-spot-bitcoin-etf-stagnates-4-straight-weeks\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">declining demand<\/span><\/a><span style=\"font-weight: 400\">. They have also <\/span><a href=\"https:\/\/cryptorank.io\/news\/feed\/14046-spot-bitcoin-etfs-outflows\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">experienced significant net outflows<\/span><\/a><span style=\"font-weight: 400\"> this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/analysts-call-it-xrp-primed-for-a-4000-surge-details\/\" target=\"_blank\" rel=\"noopener \">Analysts Call It: XRP Primed For A 700% Surge \u2013 Details<\/a><\/div>\n<p><span style=\"font-weight: 400\">Despite this, Stoychev is positive that Bitcoin won\u2019t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if <\/span><a href=\"https:\/\/bitcoinist.com\/federal-reserve-rate-cut-will-benefit-bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">high interest rates<\/span><\/a><span style=\"font-weight: 400\"> are maintained longer than expected, as this can affect sentiment toward crypto assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<p><em>Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as $100,000 when it makes that move. Related Reading: Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat Bitcoin\u2019s Bull Flag Suggests More Upside Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin\u2019s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is \u201cshaping up nicely\u201d and that Bitcoin could potentially shoot up towards $100,000 once the declining volume picks up.\u00a0 However, Baca further suggested that Bitcoin could drop below $60,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed.\u00a0 Total crypto market cap currently at $2.2 trillion. Chart: TradingView Baca opined that such price dips could be \u201chealthy\u201d for Bitcoin before it experiences a reversal. He elaborated that these dips \u201coffer solid buying opportunities,\u201d which could help spark Bitcoin\u2019s move to record highs. Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin\u2019s bull run and that a bearish reversal was unlikely. #Bitcoin on a daily chart forming a bull continuation pattern. According to Wyckoff&#8217;s law of cause and effect &#8220;the longer the consolidation, the more explosive the markup will be&#8221; pic.twitter.com\/ArH0lNnyc2 \u2014 Mikybull \ud83d\udc02Crypto (@MikybullCrypto) April 26, 2024 He also hinted that the next leg up could be massive as he alluded to Wyckoff&#8217;s law of cause and effect, which states that &#8220;the longer the consolidation, the more explosive the markup will be.&#8221; Bitcoin Needs A Catalyst To Spark This Upward Trend Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range.\u00a0 It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin\u2019s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.\u00a0 Related Reading: Analysts Call It: XRP Primed For A 700% Surge \u2013 Details Despite this, Stoychev is positive that Bitcoin won\u2019t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets.\u00a0 At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":605401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664,4735,3505],"class_list":["post-605395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-price-action","tag-price-analysis"],"acf":[],"yoast_head":"\n<title>Bitcoin Raises Bull Flag, Formation 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