The current consolidation and accumulation phase for bitcoin could be coming to an end. The $BTC price is rising towards the top of its bull flag, and a breakout could signify the beginning of the next phase of the bitcoin bull market.
Bitcoin grinds higher despite failing economies
Amidst the financial turmoil that is gripping economies around the world, bitcoin can hopefully still be relied upon to play out the rest of its bull market. This is the kind of environment that bitcoin was built for, and as banks groan under the weight of their bad investments, and currencies lose their purchasing power, bitcoin grinds upwards to its destiny.
Bitcoin’s route to the top of its bull flag
Source: Coingecko/TradingView
The bull flag in the chart above shows that $BTC is getting ready for that next leg to the upside. The price was able to hold the $60,000 level, even though that was the most dangerous period in the tit for tat strikes that took place between Iran and Israel.
A movement towards the top of the bull flag now looks to be the most obvious route for the $BTC price. Resistance will likely be at $69,000, which was the all-time high of the 2020/2021 bull market, and then assuming price gets through this, the bull flag top would beckon at around $72,000.
Bitcoin price predictions for rest of the bull market
Source: Coingecko/TradingView
Looking at where $BTC could go once a breakout of the bull flag has been achieved, the fibonacci extensions are an extremely useful tool. Around $100,000 is the price for the 1.618 fibonacci extension, and over $150,000 is the price at the 2.618.
Both of these price levels are widely mentioned across social media by various analysts, and given that once $BTC makes a new high it will be in price discovery, the most reliable indicator for a price prediction is probably the fibonacci tool.
Given that some analysts are warning about bitcoin’s diminishing returns over time, based on the history of the three previous bull markets, $100,000 is probably the conservative price level for the bitcoin top for this bull run.
However, that said, other analysts are saying that this time it’s different, and they cite the first entry of institutions into bitcoin this time around, and the incredible effect that their buying is having on the bitcoin price. If this cycle is indeed different as they say, then the 3.618 fibonacci is at over $200,000, and the 4.618 is at $240,000. Beware of the potential large corrections on the way.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
