BITCOIN Potential Skyrocket
In the monthly time frame, Bitcoin looks bullish. The price of BTC is consolidating between the resistance zone (Blue) at $71,225.18 - $73,849.29 and the support zone (Green) at $58,694.30 - $60,594.35 for the last 5 months. If you look at the chart, the price of BTC did not close under the support zone (Green) not a single time.
On the chart, a bull flag pattern is forming. This pattern is a continuation that typically indicates a bullish trend. The pattern is characterized by a steep price increase (flagpole) followed by a declining-trending consolidation phase (flag). According to the chart, Bitcoin had a strong upward movement that resulted in the formation of the flagpole. After that, it entered a consolidation phase, where many monthly candles moved horizontally and then slightly downward to form the flag.
If BTC breaks out above the resistance zone (Blue), it could lead to a significant upward movement, continuing its previous uptrend. This is supported by the red arrow projecting upwards on the chart, indicating the potential for a breakout. A successful breakout would likely be accompanied by increased trading volume, reinforcing the bullish trend.
However, a bearish scenario is also possible. If BTC fails to break out of the consolidation phase and drops below the support zone (Green), the bull flag pattern could be invalidated. This could lead to further downward movement, testing lower support levels.
If the bull flag pattern is completed, the chart indicates a bullish view for Bitcoin, with the possibility of a breakout above the resistance zone (Blue). To confirm a breakout, traders should keep a close eye on the price activity near the resistance zone (Blue) and watch for higher volume.
On the chart, a bull flag pattern is forming. This pattern is a continuation that typically indicates a bullish trend. The pattern is characterized by a steep price increase (flagpole) followed by a declining-trending consolidation phase (flag). According to the chart, Bitcoin had a strong upward movement that resulted in the formation of the flagpole. After that, it entered a consolidation phase, where many monthly candles moved horizontally and then slightly downward to form the flag.
If BTC breaks out above the resistance zone (Blue), it could lead to a significant upward movement, continuing its previous uptrend. This is supported by the red arrow projecting upwards on the chart, indicating the potential for a breakout. A successful breakout would likely be accompanied by increased trading volume, reinforcing the bullish trend.
However, a bearish scenario is also possible. If BTC fails to break out of the consolidation phase and drops below the support zone (Green), the bull flag pattern could be invalidated. This could lead to further downward movement, testing lower support levels.
If the bull flag pattern is completed, the chart indicates a bullish view for Bitcoin, with the possibility of a breakout above the resistance zone (Blue). To confirm a breakout, traders should keep a close eye on the price activity near the resistance zone (Blue) and watch for higher volume.
Note
Bitcoin is still in the bull flag 
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