Important takeouts:
-
Another Bitcoin price pullback will be $117,000 before the uptrend resumes.
-
The classic chart pattern will take you to the course at a BTC price of $145,000 over the next few months.
Bitcoin (BTC) hit a six-week high of $119,500 on Thursday, reaching $119,500 after a 10% rise from its local low of $108,650 seven days ago. BTC has now recovered key support levels as it continues to consolidate highs of under $124,500.
Will Bitcoin be able to see new all-time highs in the coming days?
Bitcoin’s “Bull Flag” breakout gives tips for $145,000
After rallying at its current highest of $124,500 on August 14th, BTC prices were pulled back to areas below $110,000, forming a bull flag on the daily chart.
Bull flags are a bullish continuation pattern that occurs after a significant rise, followed by a consolidation period at a higher price range in the range.
Related: Bitcoin Rally: Will BTC profits continue as US government shutdown begins?
The latest data from Cointelegraph Markets Pro and TradingView shows that BTC is escaping Bull Flag and placing it for significant profits.
Analyst Captain Faibic said in his latest analysis on X that Bitcoin’s “bullying flag upside down breakout has been confirmed,” pointing out that the medium-term target is around $140,000.
Bitcoin “is tightly closed with this bull flag’s clean breakout,” he repeated the pseudo-analyst gladiator on Thursday’s X-Post, adding:
“This can be explosive and move faster.”
A confirmed breakout from the pennant opens the door on the next foot towards $145,400, representing a 22% increase from the current price level.
Bitcoin’s MVRV extreme deviation price range suggests that after BTC prices exceed $117,000, the unrealized profits held by investors could grow further before reaching extreme levels.
Bitcoin can be dropped to test support first
The vast majority of Bitcoin’s obvious sell-side liquidity was absorbed into $119,500 on the move, so some analysts are warning of a quick flashdown to test $117,000 as support could be the next move in BTC prices.
Bitcoin “is employing almost all liquidity beyond its recent highs, so we’re hoping for some deadlock here,” MN Capital founder and trader Michael Van De Poppe said in Thursday’s X-Post.
The accompanying chart suggested that Bitcoin could retest support for $117,000 before restarting recovery.
The BTC liquidity map shows bid clusters stacked between $116,000 and $117,800.
Fellow analyst Ted Pillows said Bitcoin should either retain a support level of $117,000 or risk dipping to $113,500 to continue the upward trend.
He added:
“The only thing between the BTC and the new ATH is the $120,000 resistance level.”
As reported by Cointelegraph, a critical break above $120,000 could lead to a breakout to an all-time high of over $150,000 due to seasonality and institutional demand.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.