Bitcoin’s ’Bull Flag’ Breakout: $140K Price Target in Sight as Rally Gains Momentum
Bitcoin's chart just flashed its most bullish signal since the 2021 bull run—and this one could pack even more firepower.
The 'bull flag' pattern—a technical analyst's holy grail—typically precedes explosive upside. Now it's pointing toward a potential 2.5x surge from current levels.
Wall Street's late to the party (again). While traditional finance debates 'store of value' theories, crypto traders are busy front-running the next parabolic move. After all, why wait for institutional approval when the charts are screaming 'buy'?
Key levels to watch: A clean break above $72k opens the floodgates toward six figures. The $140k target? That's where the 2021 and 2021 rallies would look like warm-up acts.
Just remember: In crypto, even the surest bets come with a side of volatility. Buckle up.
Flags are continuation patterns, and so the consolidation is expected to resolve in the direction of the preceding uptrend.
Still, failures can occur in two ways. First, prices can dive out of the flag, marking a bearish reversal. Second, a bullish breakout can fail, which calls for continuous monitoring of the price action.
That said, failure rates are low, according to Kirkpatrick.
"Because these patterns have low failure rates, few pullbacks or throwbacks, short time periods, and steep trends preceding and following their occurrences, they are very good trading patterns," Kirkpatrick noted.
