Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) printed a bull flag on the daily chart, a technical chart pattern associated with strong upward momentum for the asset. Could it signal the start of the post-halving bull run?
<h2 id="bitcoin-bull-flag-suggests-more-upward-momentum-analyst">Bitcoin bull flag suggests more upward momentum — Analyst</h2>
Bitcoin printed a bull flag pattern on the daily chart on April 26, according to an X (formerly Twitter) <a href="https://twitter.com/MikybullCrypto/status/1783759843725083032/photo/1" target="_blank" rel="noopener nofollow">post</a> by popular crypto analyst Mikybull, who wrote:
<blockquote>
 “Bitcoin on a daily chart forming a bull continuation pattern. According to Wyckoff's law of cause and effect ‘the longer the consolidation, the more explosive the markup will be.’‘
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/a491cc4c-0931-49ad-bd25-32d7710cc116.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Mikybull
 </figcaption>
</figure>
The current chart formation is “a strong bullish setup,” according to Denis Baca, financial analyst and head of product at Zivoe. Baca told Cointelegraph:
<blockquote>
 “We’re seeing a bull flag on Bitcoin’s daily chart, which historically suggests more upside. It’s shaping up nicely after a solid rally, with declining volume indicating a pause before potentially shooting towards $100,000.”
</blockquote>
However, Bitcoin is unlikely to rally higher in the absence of a significant catalyst, according to Andrey Stoychev, the head of prime brokerage at Nexo. He told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “After testing $64,000 more than once on the day, only to confirm it as resilient support, Bitcoin does signal the potential for a further climb upward. Despite that, any significant price rises could remain unrealized, with Bitcoin merely reaching the upper bands of the established trading range of around $67,000.”
</blockquote>
Traders should keep an eye on the $65,000 Bitcoin price level. A move above this level would liquidate over $500 million worth of cumulative leveraged short positions, according to <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">Coinglass</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/e8fd32a9-09ea-41a6-bb3b-76de9b4c5b58.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: Coinglass
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-outpeforms-tesla-stock-first-time-since-2019">Bitcoin outperforms Tesla stock for the first time since 2019</a>
<h2 data-ct-non-breakable="true" id="could-bitcoin-price-dip-below-60-000-before-the-bull-rally">Could Bitcoin price dip below $60,000 before the bull rally?</h2>
While Bitcoin has seemingly formed strong support above the $60,000 mark, a potential dip below could still happen before rallying to new highs, according to Baca. He said: 
<blockquote data-ct-non-breakable="true">
 “Historically, going into May, we see Bitcoin fade to retest support of the 20-week SMA&nbsp;[small moving average], which would put Bitcoin at $56,000. I think such a move would be healthy before going higher. It’s exactly these kinds of dips that can offer solid buying opportunities before the next climb to record highs.”
</blockquote>
However, Nexo’s Stoychev doesn’t expect Bitcoin to fall below $60,000 unless U.S. interest rates remain high for longer than expected. He said:
<blockquote data-ct-non-breakable="true">
 “Unless there is a long period of high interest rates affecting sentiment towards digital assets for the remainder of 2024, it’s unlikely that Bitcoin will retrace that far back.”
</blockquote>
If Bitcoin price falls below $60,000, it would liquidate over $1.4 billion worth of cumulative leveraged long positions, according to <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">Coinglass</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/fb28a611-cafb-4b9c-914e-6e0d5c179b91.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin Exchange Liquidation Map. Source: <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">Coinglass</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-daily-transactions-record-high">Bitcoin’s daily transactions reach new record high</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin chart bull flag is a ‘strong bullish setup’ — Analyst

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Cointelegraph

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