The bullish flags are fluttering within the crypto space as traders and whales have become optimistic about the next price action. The recent death cross had kept the markets consolidated under bearish influence. However, the impact of the event appears to have reached its apex and hence, a fresh move may materialize anytime from now for the Bitcoin (BTC) price rally.
The launch of the Ethereum ETF was expected to bolster the markets but in turn, the upward pressure escalated as the institutions recorded constant negative inflows and huge outflows. Even the Bitcoin ETF did not perform well, which raised huge concerns over the next price action. However, the BTC spot ETFs saw over $500 million in inflow yesterday, which is the highest in the month. Hence, this is expected to continue until demand outpaces supply by a wide margin.
With the recent rebound, the BTC price is repeating a previous pattern and if it occurs, then a new ATH beyond $100K is imminent.
The daily chart suggests the price has recovered from the recent bearish influence followed by a death cross and is, interestingly, preparing for a golden cross. The 50-day MA has triggered a bullish divergence and in the next couple of days, the event may be validated. This may propel the price towards the upper resistance of the channel, which is close to $69,000. The bulls are constantly failing to breach these levels; however, diverse price action may be expected from now on.
While the bullish trend has been initiated, the rally does not appear to halt at $70,000 as the upper targets remain largely distinct. The long-term price action suggests the next upswing may elevate the BTC price beyond $100K.
The monthly chart of Bitcoin suggests the formation of a bull flag and is trading along the average bands of the channel. However, the consolidation may continue for a few more weeks and reach its apex. However, the Bitcoin (BTC) price is expected to trigger a strong breakout somewhere in the middle of Q4 2024. With this, the token may begin a fresh rise towards a new ATH beyond $100K.
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