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Analyst: Bitcoin in Bull Flag Pattern, Breakout Could Lead to All-Time Highs
Summary: According to CoinDesk analyst and Chartered Market Technician Omkar Godbole, Bitcoin is currently displaying a well-formed bull flag pattern on the price chart, suggesting a potential breakout to new all-time highs. This aligns with some traders' expectations of a price increase to $140,000 or even higher. However, a breakout above $109,000 is needed to confirm ...
According to CoinDesk analyst and Chartered Market Technician Omkar Godbole, Bitcoin is currently displaying a well-formed bull flag pattern on the price chart, suggesting a potential breakout to new all-time highs. This aligns with some traders' expectations of a price increase to $140,000 or even higher. However, a breakout above $109,000 is needed to confirm the bullish breakout, which could open the door for a price surge to $146,000. Godbole explains that the bull flag pattern represents a narrow, low-volume consolidation phase that occurs after a sharp rise. This consolidation phase typically has a smaller magnitude and duration than the previous uptrend, helping alleviate short-term overbought conditions and building momentum for the next bullish move.
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Link: Analyst: Bitcoin in Bull Flag Pattern, Breakout Could Lead to All-Time Highs [Copy]
