Bitcoin to $150,000? Encryption experts determine that the pattern of the next leg can be defined
As the month began in June, Bitcoin investors wanted to know what the next step for the world’s largest cryptocurrency was. Interestingly, crypto analysts have been guiding light as long as there is uncertainty about the next direction of the Prime Minister’s cryptocurrency. Therefore, well-known market experts have made exciting predictions about the price of Bitcoin.
How Bitcoin Price Works to $150,000
In a recent article on the X platform, Tony Severino, a franchised market technician, conducted an interesting analysis of the price of Bitcoin. According to crypto market experts, BTC may be priced up to $150,000 for its next bullish phase.
The reasoning behind this bullish forecast is that the bull flag pattern is formed within the daily time frame of the Bitcoin price chart. The Bull Flag is a technical analysis model characterized by a steep upward movement (flag pole) period, usually on the side or slightly downward price action.
this Cow Flag It is often considered a general continuation pattern of existing uptrends, indicating a potential shift to higher prices. However, it is crucial to wait for a successful merger and then determine that the price will continue its upward trajectory.
Source: @TonyTheBullCMT on X
According to Severino, if Bull Flag is effective and the price successfully eliminates Bitcoin’s price, it could reach new all-time highs. The goal of this chart pattern is usually by adding the vertical height of the flagpole to the determination of the potential breakthrough point from the mark.
What are other indicators talking about
Severino highlights another metric and explains the current statement about the next leg of Bitcoin. For example, crypto experts mentioned that the Bollinger band is squeezing, meaning that despite the current market volatility, there may be a significant price shift in prices.
Severino also mentioned that the Bitcoin price failed to reach the lower band of the Bollinger Band indicator, which could be a “forge” before flagship cryptocurrencies began a brand new trend. However, investors may want to be wary of above the $111,000 level in the daily time frame to confirm the potential ongoing upward trend.
A closed beneath the lower band below $101,000, may be recommended for downward action at the price of Bitcoin. As of this writing, BTC is priced above $105,000, reflecting a nearly 2% increase over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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