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The crypto market has been experiencing significant volatility, with the Bitcoin price leading the charge. Over the past month, $BTC has been trading sideways, recording declines that have pushed its value below the $100,000 mark. As analysts speculate about the cryptocurrency’s next major move, recent data suggests that a classic Flag Pole pattern is beginning to emerge on the Bitcoin price chart. The crypto analyst who has identified this pattern has shared a bullish roadmap prediction for Bitcoin, projecting that it could rise to a new all-time high above $120,000.
In a TradingView analysis, crypto expert Weslad expressed optimism about Bitcoin’s future trajectory, projecting that it could soar as high as $120,843 in this bull cycle. The analyst highlighted the current formation of a classic Flag Pole pattern on the $BTC price chart. The emergence of this distinct technical pattern in the Bitcoin structure has sparked an enthusiastic response from analysts, as they anticipate a massive breakout to the upside.
Roadmap To $120,000 Bitcoin Price Target
This bull flag pattern is typically known as a bullish continuation signal during an uptrend. It represents a halt in a cryptocurrency’s upward movement before the trend resumes. In the case of Bitcoin, Weslad suggests that its recent rejection is not viewed as a downturn but rather as a smart money accumulation zone designed to shake out weaker hands who panic during market declines.
Despite its pullback, Bitcoin’s recent price action has demonstrated a strong resilience in an immediate demand zone between $91,000 and $95,000. The analyst also describes this correction as a “fake down,” noting that it was due to liquidity engineering. This strategic liquidity grab allows large players to accumulate $BTC at favourable prices before the next significant move upward.
While noting the Flag Pole formation, Weslad also highlights a recent breakout from a Descending Channel that has previously restricted Bitcoin’s price movements. This channel breakout signals the possible resurgence of Bitcoin’s bullishness, with the analyst predicting an initial surge to $108,089.
If Bitcoin can maintain a positive momentum, the pathway to an ultimate Flag Pole target of $120,843 becomes plausible.
Monitoring Breakout Signals
While Weslad projects a new all-time high for Bitcoin at $120,843, the analyst also emphasizes important signals that could indicate an imminent breakout. He revealed that if Bitcoin can successfully flip the aforementioned external supply zone between $108,000 and $109,000, the cryptocurrency could see its price skyrocket to new highs.
At the time of writing, Bitcoin’s price is $96,142, marking a 2.25% decline over the past week.