This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
Bitcoin
Spot Price has exceeded $ 111,000 and could increase by another 30% to exceed $ 140,000.
That is the message of the daily price of the Blackrock Bitcoin ETF spot, known for its Ibit ticket, which shows a breakdown of the bull flag.
The ETF, forced closely tracking the spot BTC price, increased 2.85% on Wednesday, briefly exceeding the maximum of May $ 63.70, according to Data Fouuring TradingView.
The advance reconfirmed the breakdown of the flag views earlier this month, a sign that the consolidation of a trend of five and a half weeks has ended and the widest upward trend of the minimum of April has resumed.
The flags are continuation patterns, and the outbreaks generally see that analysts anticipate a price rally equal to the magnitude of the highest initial execution. The so -called measured movement method implies at least 30% rise for the spot price of Ibit and Bitcoin.
The flags have a low fault rate, according to the theory of technical analysis. That said, the pattern could fail if the macro factors get worse, pushing prices to a consolidation against trend. Such movement would deny the upward perspective.
From now on, the Bitcoin spot price also indicates a bullish configuration, which suggests a possible rally at $ 134,000, according to the veteran analyst from the Peter Brandt list.
