Bitcoin to $150K? Bull Flag Pattern Spotted
Following a somewhat sluggish start to June, Bitcoin investors are eager for clarity on the leading cryptocurrency's next move. Prominent market analyst Tony Severino offers an intriguing prediction.
Bitcoin's Potential $150,000 Rally
Severino, a Chartered Market Technician, recently shared an analysis on X (formerly Twitter) suggesting Bitcoin (BTC) could reach $150,000 in its next bull run. This projection is based on the formation of a bull flag pattern on the daily BTC price chart. A bull flag is a technical analysis pattern marked by a sharp upward movement (the flagpole), followed by consolidation (the flag).
This pattern typically signals a continuation of the upward trend, implying further price gains. However, a successful breakout from the consolidation is crucial to confirm this upward trajectory. Until then, caution is advised.
Source: @TonyTheBullCMT on X
Severino states that a successful breakout could propel Bitcoin to a new all-time high. The target price is generally calculated by adding the flagpole's height to the breakout point.
Additional Indicators
Severino points to additional indicators supporting a potential Bitcoin surge. He notes that Bollinger Bands are squeezing, indicating low volatility and potentially foreshadowing a significant price swing.
Furthermore, Bitcoin's failure to break below the lower Bollinger Band is seen as a possible “head fake,” suggesting an imminent upward trend. A daily close above $111,000 could signal a sustained uptrend. Conversely, a close below the lower band (around $101,000) might indicate a downward correction.
At the time of writing, BTC trades above $105,000, reflecting a 2% increase over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk.
Codeum provides comprehensive blockchain security solutions, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Secure your blockchain projects with Codeum.