#BTC110KToday? Bitcoin could reach $144,000 as a bullish flag pattern is forming,

Bitcoin prices are currently holding above $107,000, following a positive trading week in which the cryptocurrency gained 4.89%.

Reputed market analyst “Merlijn The Trader” has identified a bullish flag pattern on Bitcoin’s daily chart, along with a positive MACD crossover, supporting this increasing positive momentum.The bullish flag pattern is a classic signal that indicates that the price is likely to continue rising, even though the price has been stable or declining for some time.According to the chart shared by, the pattern begins with a rapid price increase (called a flagpole), which rose from $74,000 in early April to above $110,000 in late May.

The price then forms a flag or The pennant pattern is stable, which appears as a downward or horizontal sloping channel.

This phase began after the new record high on May 22 and has so far been limited between $101,000 and $110,000.

This flag is usually a short rest period before momentum resumes in the direction of the initial trend.

Recently, price action has shown a breakout from the upper boundary of the bullish flag, which is an indication that the price increase may soon resume.

According to the analysis, if this breakout is confirmed with a strong close, the next price target could be around $144,000, which is about a 34% increase from current prices.

Further reinforcing this positive analysis, the MACD indicator has also seen a recent positive crossover, which is considered a buy signal.