After the riotous move to $64,000, the extent of which has not been seen in recent bitcoin history, $BTC has been relatively calm. Is a flag now forming? Will the eventual exit from this flag take $BTC to the all-time-high at $69,000?
A bull market unlike any other
We are arguably in a bull market that is unlike any other in bitcoin’s short history. The monthly close above $61,000 augurs further movement to the upside, the institutions are continuing to buy into the Spot Bitcoin ETFs like there is no tomorrow, and we are still weeks from the halving of the $BTC supply.
Even with all those bullish factors, $BTC can’t just keep going up with no stops on the way. Markets don’t work like that, and so what we are seeing now is a pause for bitcoin to get its breath back.
Generally it would be expected that $BTC go sideways and even slightly downwards for a period of time. After such an incredible move, you might expect that this would last for a while. However, such a historical candle as was seen on Wednesday had huge momentum behind it, and therefore, the present pause might only be a short one.
Bullish price action forming
Source: Coingecko/Trading View
Some kind of a flag or triangle is currently forming, and looking at the very short time frame of the one hour, this appears to be an ascending triangle, which is a very bullish pattern. It is still early, and with more price action this pattern might change. But as things stand, the price is potentially heading for another upside breakout.
Where next for bitcoin?
Many spectators must be wondering where on earth bitcoin is going next. It’s still too early for the bull market to end, and with all the buying and upward momentum, this can be ruled out, at least for the next several months.
It might be anticipated that $BTC consolidates here and then presses on to make a new high. That said, things are very different this time around, and the remaining shape that this bull market will take, will be very interesting to see.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
