Everyone knows that Bitcoin is the flagship that drives the Crypto Markets and so if you're into Technical Analysis and trying to spot the next Bull or Bear Market then the Bitcoin Chart is the one to watch. Recently its become fairly obvious that Bitcoin has been consolidating, however the pattern it's forming is starting to look distinctly like a Bullish Flag which is a common Continuation Pattern in financial markets.
If you have a look at the chart of Bitcoin above you can see the Support has been touched 3 times now and it is almost parallel to the Resistance which has been touched 4 times. The pattern has now been established across the last 5 months so the question is - How long will it continue to trade in this range?
Personally I think we might see the Flag broken in the next month or so and we will know it's happened when Bitcoin breaks convincingly above about $70K US Dollars. There are also a few interesting developments in the News Cycle which also are Bullish and they may be the catalyst to help to push Bitcoin through to the next level...
Firstly, the German Government has announced that it has completed it's sale of almost 50,000 Bitcoins. This sale would have put a bit of a ceiling on the Bitcoin price of late and so with that selling pressure removed the sky is once again the limit. Secondly, there is looming announcement of the launch of Ethereum ETFs which is likely to give the crypto space a boost. Thirdly, JD Vance has just been announced as Trumps running mate and he's a Bitcoiner himself. Currently Trump is favored to win the US Election and it seems like his most senior position (and possible successor) is likely to be pro-crypto.
Exciting times ahead for Bitcoin and crypto overall. Hopefully if we get an fresh upswing then HIVE will catch a piece of the action too.
