Bitcoin rose to $144,000 as a bull flag pattern table

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Bitcoin price is currently hovering above $107,000 after a bullish trading week, during which Prime Minister’s cryptocurrency rose 4.89%. Interestingly, the recent price rallies translated to 1.06% gain on the monthly chart, suggesting that market control has gradually shifted to the Bulls after a few weeks of landing merger.

It is worth noting that traders support this emerging bullish momentum under the pseudonym Merlijn, with a well-known market analyst, and identified a bull flag pattern on the Bitcoin daily chart with a positive MACD crossover.

Bull Flag pattern signal powerful Bitcoin upward potential

The Bull Flag is a classic bullish continuation pattern, indicating that price rally may persist despite continued consolidation. As seen in the chart Merlijn, this bullish charting pattern begins with a sharp rally in price, the flagpole, when Bitcoin began to rise in the early April, the price climbed above $110,000 from around $74,000 in late May.

The flagpole is followed by the flag/tenant, which is a period of price consolidation, forming a downward or lateral slanted channel. This price movement is from Bitcoin reaching new all-time highs so far on May 22, while prices within the price cut channel range between $101,000 and $110,000. Flags are often interpreted as a brief period of cooling before the momentum is restored in the original trend direction.

Interestingly, the recent candle movement has shown a breakthrough in the upper boundary of the bull flag, indicating that the upward trend may recover soon. Based on Merlijn’s analysis, if the decisive end of the breakthrough was confirmed, the measures for the new price gathering were measured, usually similar to the length of the initial flagpole point, reaching the $144,000 target, the current market price of 34%.

In supporting this bullish case, market analysts also observed recent crossovers on moving average convergence difference (MACD) indicators. It is worth noting that the MACD line (blue) has crossed over the signal line (orange) below, which is usually interpreted as a buy signal. Interestingly, this marked the first positive crossover in June, and Bitcoin tested the Bull Flag’s upside band.

With price action and technical indicators all hint at an upcoming breakthrough, Merlijn will risk investors pushing this rally or a comprehensive strategy once moved. However, it is recommended that all market participants conduct due diligence before making investment decisions.

Bitcoin Price Overview

At the time of writing, Bitcoin was exchanged for $107,485 after earning 0.03% on the last day.

Featured image by Reuters, charts by TradingView

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