This Chart Points to a 30% BTC Price Boom Ahead

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin’s

spot price has surpassed $111,000 and could rise by another 30% to exceed $140,000.

That’s the message from the daily price chart of BlackRock’s Nasdaq-listed spot bitcoin ETF, known by its IBIT ticker, which shows a bull flag breakout.

The ETF, mandated to closely track the BTC spot price, rose 2.85% on Wednesday, briefly surpassing the May high of $63.70, according to data source TradingView.

The advance reconfirmed the flag breakout seen early this month, a sign that the five-and-a-half-week counter-trend consolidation has ended and the broader uptrend from April lows has resumed.

Flags are bullish continuation patterns, and breakouts typically see analysts anticipate a price rally equal to the magnitude of the initial run higher. The so-called measured move method implies at least 30% upside for both IBIT and bitcoin’s spot price.

IBIT's daily chart. (TradingView/CoinDesk)

IBIT’s daily chart. (TradingView/CoinDesk)

Flags have a low failure rate, according to technical analysis theory. That said, the pattern could fail if macro factors take a turn for the worse, pushing prices back into a counter-trend consolidation. Such a move would negate the bullish outlook.

As of now, bitcoin’s spot price also indicates a bullish setup, suggesting a potential rally to $134,000, according to veteran chart analyst Peter Brandt.

Peter Brandt's post on X.

Peter Brandt’s post on X.



This news is republished from another source. You can check the original article here.

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