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Bitcoin price reached an unexpected historical peak before the halving, leading everyone to speculate about the next possible levels. We can say that every coming day could be a new record attempt for BTC. Now, an analyst has pointed out an important aspect and revealed his new expectation for the Bitcoin price. If realized, this would mean a new peak.
Is Bitcoin Breaking the Bull Flag?
Before discussing the analyst’s comments, let’s briefly explain what a Bull Flag is. The Bull Flag is a chart formation commonly observed in financial markets. It generally indicates that the uptrend may continue. This formation emerges following the current bull trend and becomes more distinct with corrective movements.
The formation that analyst Ali Martinez has pointed out is exactly this. According to the analyst, it seems like Bitcoin is breaking the bull flag on the 4-hour chart! If BTC stays above $70,000, the analyst suggests that it could reach an all-time high of $77,000, which is nearly a 10% increase.
I must say that Ali Martinez’s approach reflects the general sentiment expected in the market. The overall expectation for Bitcoin is that if the price stays above $70,000, it could easily move towards $80,000. Analyst Michael van de Poppe had also expressed such an expectation yesterday.
Where Could Bitcoin Price Head Next?
After rapid increases, we are witnessing Bitcoin’s price moving indecisively within a range. This situation brings about volatile movements, causing investors in long and short positions to get squeezed. Consequently, liquidations worth millions of dollars can occur abruptly in the market.
There is also a reflection of this situation for altcoins. When the Bitcoin price follows a volatile path, altcoins do not show a clear direction. As altcoins closely follow BTC’s movements, their prices fluctuate, making it difficult to determine a direction.
In my opinion, if BTC moves sideways for a while, it seems likely to yield better outcomes for altcoins. Let’s see if BTC will maintain a sideways movement for some time and give a chance for the much-anticipated altcoin season to start.
