May 17, 2022

Bull flag breakout sets a $55,000 target for Bitcoin price

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Bitcoin (BTC) price sliced through the $50,000 resistance level during the early trading hours on March 3 as bulls found their momentum and the majority of altcoins joined in on the rally as the day progressed. 

Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin was trading at $48,500 in the early hours on March 3 before surging 8.6% to an intraday high of $52,631. Currently, BTC price trades slightly below $51,000, and while $50,000 may have become a soft support, a daily close above the 23.6% Fibonacci retracement ($52,000) is needed to confirm that a bullish reversal has taken place.

BTC/USDT 4-hour chart. Source: TradingView

On-chain analysis from CryptoQuant indicates that Bitcoin whales have been consistently buying the dips below $50,000 and according to CryptoQuant CEO Ki Young Ju, institutional buying is taking place at the $48,000 support, as seen by the highlighted orange line on the chart above.

Bitcoin’s mainstream adoption continues to take place in Canada as Ninepoint Partners announced that it plans to change itsTitle: Bull flag breakout sets a $55,000 target for Bitcoin price
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Published Date: Thu, 04 Mar 2021 01:33:16 +0000