This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin’s
The spot price has surpassed $ 111,000 and could rise by another 30% to exceed $ 140,000.
That’s the message from the daily award diagram of Blackrock’s Nasdaq-listed Spot Bitcoin Etf, known by its Ibit-Ticker showing a bull flag breakout.
ETF, which required close to tracking the BTC spot price, rose 2.85% Wednesday and briefly May high at $ 63.70, according to data source trading.
Expected, the flag that was seen early this month confirmed a sign that the five and a half week’s counter-trend consolidation has ended and the broader increase from April low has resumed.
Flags are bullish continuation patterns, and breakouts typically see analysts predict that a price rally equals the size of the preliminary run higher. The so -called measured movement method involves at least 30% upward for both Ibit and Bitcoin’s spot price.
Flags have a low error rate according to technical analysis theory. That said, the pattern may fail if macro factors take a turn for the worse and push prices back to a contrast trend consolidation. Such a movement would lapse the bullish views.
Currently, Bitcoin’s spot price also indicates a bullish setup, which suggests a potential rally to $ 134,000, according to veteran art analyst Peter Brandt.
