“IBIT’S CHART FLASHES A BULLISH PATTERN As BTC’s SPOT PRICE FLIRTS WITH RECORD Highs.”, – WRITE: www.coindesk.com
Bitcoin’s
SPOT PRICE HAS SURPASSED $ 111,000 and COURuld Rise by Another 30% to Exceed $ 140,000.
That’s the message from the Daily Price Chart of Blackrock’s Nasdaq-Listed Spot Bitcoin etf, Known by Its Ibit Ticker, WHICH SHOWS A BULL FLAG BREAKOUT.
The etf, Mandated to Closely Track the BTC Spot Price, Rose 2.85% on Wednesday, Briefly Surpassing the May High of $ 63.70, Accounting To Data Source Trading.
The Advance ReconfirMed the Flag Breakout Seen Early this month, a sign that five-and-a-half-week counter-trend Consolidation has ended and the Broader Uptrend from Lows.
Flags are Bullish Continuation Patterns, and Breakouts Typical See Analysts Anticipate A Price Rally Equal to the Magnitude of the Initial Run Higher. The So-Called Measure Method Implies at Least 30% Upside for Both Ibit and Bitcoin’s Spot Price.
Ibit’s Daily Chart. (TradingView/Coindesk)
Flags have a Low Failure Rate, accounting to Technical Analysis Theory. That Said, The Pattern Could Fail if Macro Factors Take A Turn for the WORSE, Pushing Prices Back Into A Counter-Trend Consolidation. Such a move would negate the Bullish Outlook.
As of Now, Bitcoin’s Spot Price Also Indicates A Bullish Setup, Suggesting A Potential Rally to $ 134,000, Accounting To Veteran Chart Analyst Peter Brandt.
Peter Brandt’s Post on X.
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