The key takeaways
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Before the upward trend resumes, another Bitcoin price drop to $117,000 may occur.
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BTC’s price is set to hit $145,000 over the next couple of months, according to a chart with a classic pattern.
BitcoinBTC() hit a new six-week record of $119.500 Thursday after a rise of 10% from the local low price of $108,650 just seven days earlier. BTC prices have now recovered a crucial support level, as they continue to consolidate under their $124.500 high.
Bitcoin to reach new record highs?
Bitcoin “bull flag” Breakout hint at 145,000
After rallying its current all-time high of $124,500 On August 14, BTC’s price dropped to below $110,000 and formed a bull-flag on the daily graph.
You can also find out more about the A-Team here. bull flag It is a continuation pattern in the direction of the bulls that appears after an important rise.
Related: Bitcoin rallies as US government shutdown begins: Will BTC gains continue?
Recent data about Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC is now positioned for significant gains as it has risen out of its bull-flag.
Bitcoin’s “bullish flag upside breakout is confirmed,” said Analyst Captain Faibik, in his recent analysis on X explains that the medium-term goal is $140,000.
Bitcoin “closing strong with a clean breakout of this bull flag,” echoed Gladiator is a pseudonymous blogger who posted a blog on Thursday X.
“This could get explosive and move fast.”
The next price increase could reach $145.400, which is a 22.2% rise from current levels.
Bitcoin’s MVRV price bands show that the extreme prices of Bitcoin are likely to change after BTC price broke past $117,000The chart shows that the MVRV uppermost band is $139.300.
Bitcoin might drop first to test its support
The bulk of Bitcoin’s liquidity was consumed by the sell-side during this period. move to $119,500Some analysts say that the price of BTC could move down quickly to $117,000, which would be a support level.
Bitcoin “has taken almost all the liquidity above the recent highs, so I would expect some stalling here,” said MN Capital founder and trader Michael van de Poppe in an X post on Thursday.
A chart that accompanied the article suggested Bitcoin might drop and re-test support of $117,000, before it resumes its recovery.
BTC Liquidity Map shows The stacking of bid clusters ranges from $116,000 to 117,000.
Ted Pillows, a fellow analyst said Bitcoin needs to hold $117,000 as a support level in order to maintain the upward trend, otherwise it will drop towards $113,500.
Then he added:
“The only thing between BTC and a new ATH is the $120,000 resistance level.”
You can also read about the advantages of using Cointelegraph reportedDue to the fact that the market is asymmetric, any decisive move above $120,000 would lead to an all-time record high above $150,000. seasonality You can also find out more about the following: institutional demand.
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Source: cointelegraph.com
