Bitcoin Price Could Reach $120,843 Amid Flag Pole Pattern Formation
The crypto market is witnessing volatility, with Bitcoin trading below $100,000. Recent data indicates the formation of a Flag Pole pattern on its price chart.
- Analyst Weslad predicts Bitcoin could reach $120,843 during this bull cycle.
- The cryptocurrency faced rejection at a supply area after a 27% rally from $85,300 to $86,800.
- This event created a Bull Flag formation, often viewed as a bullish continuation signal.
- Weslad interprets the recent pullback as a liquidity grab, allowing large investors to accumulate BTC.
- A breakout from a Descending Channel suggests potential bullish momentum for Bitcoin.
- Key resistance lies between $108,000 and $109,000; successful flipping could trigger significant price increases.
- Current Bitcoin price stands at $96,142, reflecting a 2.25% decline over the past week.
