Cryptocurrency

Bitcoin

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<p>Josh Olszewicz, a prominent voice in the crypto trading realm, recently <a href="https://twitter.com/CarpeNoctom/status/1718664151835246978" rel="noopener noreferrer nofollow">predicted</a> that the price of Bitcoin (BTC) could potentially reach the $38,000 level. At press time, the cryptocurrency is approaching the $35,000 level.</p>
<h2 id="navigating-the-bullish-patterns">Navigating the bullish patterns</h2>
<p>The trader highlighted the emergence of a "high n' tight flag" formation, often seen as a bullish indicator in market analysis.&nbsp;</p>
<p>The "high n' tight flag" is a bullish continuation pattern often seen after a significant upward move in price. This pattern gets its name from its appearance: the "high" refers to the rapid and almost vertical price ascent, while "tight" describes the subsequent consolidation phase, which appears like a flag on the chart. Essentially, after a sharp rise, the price starts to consolidate or move sideways, creating a flag-like formation.</p>
<p>If Bitcoin adheres to this trajectory, <a href="https://u.today/bitcoin-btc-may-collapse-to-20000-if-this-happens-analyst" rel="noopener noreferrer nofollow">Olszewicz</a> foresees the possibility of a breakout reaching the yearly pivot point of <a href="https://u.today/mike-novogratz-predicts-bitcoin-will-bottom-out-at-38000" rel="noopener noreferrer nofollow">$38,000</a>.&nbsp;</p>
<p>He further pointed to the presence of the Adam &amp; Eve (A&amp;E) and inverted head and shoulders (iH&amp;S) formations, suggesting the market's hesitancy to dive into bearish territory. Both are bullish reversal patterns.&nbsp;</p>
<p>However, he underscored an essential caveat: any new pronounced dip could disrupt this bullish pattern, potentially steering Bitcoin's value towards the $31,000 mark.</p>
<h2 id="approaching-35-000">Approaching $35,000</h2>
<p>According to the latest CoinGecko <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">data</a>, Bitcoin is priced at $34,678.17 after recording a 1.5% increase over the last 24 hours. Within the past 24 hours, <a href="https://u.today/bitcoin-btc-remains-strongest-asset-for-institutions-microstrategys-michael-saylor-shows" rel="noopener noreferrer nofollow">Bitcoin</a> has seen its price fluctuate between a low of $33,949 and a peak of $34,763.</p>
<p>It remains to be seen whether the bellwether coin will manage to reclaim the make-it-or-break-it $35,000 level.&nbsp;</p>

Bitcoin Might Surge to $38,000, Top Trader Says

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