The price of Bitcoin (BTC), the world's largest crypto, is currently at a critical point that could determine the direction of its next movement. According to an analyst with the account name X 'Crypto Feras', BTC is forming a 'bull-flag' pattern which is known as a positive signal if the price manages to break through the upper limit of this pattern. The bull-flag pattern, which is a continuation pattern of a bullish trend, has caught the attention of traders. This pattern is formed when the price consolidates after a sharp increase, creating a parallel channel or flag. "Bitcoin is now at the diagonal resistance of this bull-flag pattern. If BTC manages to break through this resistance, the bullish trend can be confirmed," said Feras. From the chart shared by Feras, it appears that there are two potential price targets based on the size of the flagpole:
~Small Flagpole Target: US$ 88,000
~Large Flagpole Target: US$ 100,000
"But it should also be remembered that the breakout has not been confirmed," he said. Also Read: Bitcoin Rises Unpredictably, Analysts Say Potential Increase to US$ 78,000.
Meanwhile, a well-known crypto analyst named Michael van de Poppe, stated that Bitcoin will experience a major increase in the next few weeks. According to him, the Bitcoin trend has changed to a more positive direction and is likely to reach a record high price (ATH) before the end of the year. "Bitcoin is targeting a new high. The trend has shifted," said Poppe. Just like Feras, Poppe also uploaded a graph of his BTC analysis. In the graph, it appears that Bitcoin has passed an important liquidation area. This means that there are quite a lot of buyers ready to lift the price higher, after Bitcoin absorbed the previous selling pressure. In addition, Poppe also predicts that Bitcoin will reach US$ 90,000 before the end of 2024. "I think we will see in the next 3 to 4 weeks, where we will see an all-time high and possibly reach US$ 90,000 before the end of the year," concluded Poppe.
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