The bullish pennant formation at #bitcoin and the standard profit-taking suggest an eventual rally towards new price highs.
The #traders expect a drop in Bitcoin price to $90,000, but a bullish flag pattern could break towards new highs if profit-taking near the top of the range decreases.
On-chain data suggests that the current profit-taking is too weak to extinguish the current price momentum of $BTC .
The price of Bitcoin ($BTC ) has spent most of the week stagnating between $104,000 and $105,000, a level that many analysts have labeled as a resistance zone, but an alternative perspective suggests that $BTC is simply consolidating within a bullish flag pattern.
A bullish flag is a continuation pattern characterized by a period of sideways price action following a strong upward trend, and when the structure is confirmed or breaks the resistance of the trend line, the upward trend continues.
