Bitcoin Aims for $160,000 Target After Reclaiming Bull Flag Pattern
Bitcoin is potentially preparing for a significant price increase after reclaiming a bullish pattern. Analyst Rekt Capital indicates that if BTC maintains support at $119,000 and overcomes resistance, it could aim for $160,000.
- Reclaimed Bull Flag pattern above key levels indicates renewed buying strength.
- Short-term pullbacks are possible, but the upward trend remains intact.
- Breaking through $126,000 will be crucial for accelerating towards $160,000.
- A dip back into the pattern is permissible as long as support at $119,000 holds.
- Weeks 5 and 6 of the current uptrend have historically posed risks for local tops.
- Failure to break $126,000 might lead to a temporary correction without ending the bullish outlook.
