Josh Olszewicz, a prominent voice in the crypto trading realm, recently predicted that the price of Bitcoin (BTC) could potentially reach the $38,000 level. At press time, the cryptocurrency is approaching the $35,000 level.
Navigating the bullish patterns
The trader highlighted the emergence of a "high n' tight flag" formation, often seen as a bullish indicator in market analysis.
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.
If Bitcoin adheres to this trajectory, Olszewicz foresees the possibility of a breakout reaching the yearly pivot point of $38,000.
He further pointed to the presence of the Adam & Eve (A&E) and inverted head and shoulders (iH&S) formations, suggesting the market's hesitancy to dive into bearish territory. Both are bullish reversal patterns.
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.
Approaching $35,000
According to the latest CoinGecko data, Bitcoin is priced at $34,678.17 after recording a 1.5% increase over the last 24 hours. Within the past 24 hours, Bitcoin has seen its price fluctuate between a low of $33,949 and a peak of $34,763.
It remains to be seen whether the bellwether coin will manage to reclaim the make-it-or-break-it $35,000 level.
Tomiwabold Olajide
Arman Shirinyan
Yuri Molchan
