The price of Bitcoin (BTC) seems to be losing momentum after the bullish break to the $52,000 price line, but some patterns indicate that further bullish activity is ahead.
Bitcoin price reaches $61,000
Thursday Titan from Crypto, a well-known cryptocurrency analyst shared an interesting prediction for Bitcoin in the near future on the social media platform X (formerly Twitter), raising hopes within the community.
Crypto’s Titan pointed out in the post that Bitcoin is on the verge of forming a trend that he called a “Bull Flag formation.” As a result of this latest action, he has placed a short-term price target BTC at the $61,000 threshold.
However, the expert noted that the crypto asset is currently undergoing a retest of the Tenkan indicator. According to Crypto’s Titan, Bitcoin’s price experiences a pullback every time it reaches the $50,700 level.
Furthermore, the analyst claimed that there is a good chance that a bull flag will emerge as long as the Tenkan retest remains stable. However, he expects a potential decline to $47,300 at the Kijun level if a break to the downside occurs.
The message read:
Bitcoin Bull Flag Formation: Target at $61,000. BTC is currently retesting Tenkan. It will be repurchased every time it reaches the $50,700 level. Look at the candle wicks. As long as Tenkan holds, the potential bullflag formation will likely happen. If it were to break lower, the next support would be Kijun at around $47,300 currently.
Titan of Crypto has identified another exciting piece of information about Bitcoin’s current position in the market. In another X afterhe claims that BTC has entered the “second phase of the bull run.”
The crypto expert stated that BTC’s “Monthly Williams%R” is approaching the “upper dotted line.” He said that when Bitcoin developed in the last cycle, it was about to enter its second bull market phase.
Bitcoin was trading at $50,986 at the time of writing, indicating a decline of 1.55% in the past 24 hours. Data from CoinMarketCap shows that market capitalization and trading volume both fell by 1.56% and 20.48% respectively.
BTC network sees significant investment inflow from investors
With the recent rally, BTC seems to have piqued investor interest as investments in this asset have increased inflow. Willy Woo, a crypto analyst, reported that the network receives an average of $607 million in new investor demand every day.
Meanwhile, the total number of new Bitcoins created daily by mining is only about $46 million. In the post, Woo also highlights the importance of the upcoming BTC supply halving, which will take place in just 60 days.
As is well known, Bitcoin halving is when the introduction of new BTCs into circulation is reduced by half, which happens every four years after miners have solved 210,000 blocks.
Featured image from iStock, chart from Tradingview.com
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