This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
Bitcoin
The cash price exceeded $ 111,000 and could increase by an additional 30% to exceed $ 140,000.
This is the message of the table of daily prices of the Blackrock Bitcoin Etf spot, known by its Ticker Ibit, which shows an escape from a bull flag.
ETF, mandated to closely monitor the BTC point price, increased by 2.85% on Wednesday, briefly exceeding the May 63.70 summit, according to Data Source TradingView.
The advance has reconfirmed the escape of the flag seen at the beginning of the month, a sign that the consolidation of counterattacks of five and a half weeks ended and that the broader rise in the lower April has resumed.
Flags are bullish continuation patterns and eruptions are generally consulted by analysts anticipate a price rally equal to the magnitude of the initial execution above. The so -called measured movement method implies at least 30% of the increase for Ibit and the driving price of Bitcoin.
Flags have a low failure rate, according to the theory of technical analysis. That said, the scheme could fail if macro-factors take a worse turn, pushing prices in a counter-temperature consolidation. Such a decision would cancel upward perspectives.
Currently, the punctual price of Bitcoin also indicates an upward configuration, suggesting a potential rally at $ 134,000, according to the analyst of the veteran graph Peter Brandt.
