Technically, BTC needs to trade and close above the bullish flag pattern on the higher timeframes to confirm a continuation of the bullish trend. The next key target for Bitcoin is the resistance level at around $68K. A breakout and close above this level would likely trigger a massive rally, backing up the bullish momentum.
However, with Bitcoin currently retracing lower, it is expected to find support at the $61K level as analyzed in our previous report, where there is horizontal support and a fair value gap from last week. If this support holds, it could provide the support for the next upward move.
Adding to the bullish outlook, a recent tweet from a prominent analyst pointed to a potential cup and handle formation in Bitcoin’s price chart.
