Bitcoin To Rally To $144,000 As Bull Flag Pattern Forms – Analyst
Bitcoin Could Surge to $144,000 as Bull Flag Pattern Suggests Continued Rally, Analyst Says
Summary: Bitcoin is trading above $107,000 following a bullish momentum highlighted by a 4.89% weekly gain. A well-known crypto analyst known as Merlijn The Trader identifies a bullish flag pattern and MACD crossover, suggesting a potential price target of $144,000.
Technical Pattern Signals Bullish Continuation
Bitcoin appears to be forming a classic bull flag pattern, pointing to a strong continuation of the recent uptrend. According to technical analysis shared by Merlijn The Trader, the pattern began with a sharp rally from around $74,000 in early April to over $110,000 in late May, forming the “flagpole.”
Following this rally, the price has undergone consolidation between $101,000 and $110,000, shaping the flag portion of the formation. This sideways/downward sloping channel typically indicates a short pause before price action resumes in the original upward direction.
Recent price movement shows a potential breakout above the upper boundary of the flag, suggesting the uptrend may be resuming. If confirmed, Merlijn projects Bitcoin could reach as high as $144,000—a 34% increase from current prices—based on the historical flagpole measurement technique.
Technical Indicators Strengthen Bullish Outlook
In addition to the chart pattern, Merlijn highlights a bullish crossover on the Moving Average Convergence Divergence (MACD)</a) indicator. The MACD line (blue) has recently crossed above the signal line (orange), a development traders often interpret as a buy signal. This marks the first such crossover for Bitcoin in June, occurring just as the asset tests the top of its consolidation channel.
These overlapping bullish signals are prompting Merlijn to alert investors of the possibility of a significant rally. However, given Bitcoin’s inherent volatility, the analyst advises traders to approach the market with caution and conduct their own research before entering positions.
Bitcoin Price Overview
At the time of writing, Bitcoin trades at $107,485, posting a modest 0.03% gain over the past 24 hours. The asset has shown steady strength over the past week, gaining nearly 5%. On the monthly chart, Bitcoin is now up by 1.06%, suggesting a shift in momentum back to the bulls after weeks of consolidation.
