The Bitcoin reversal over the $121,000 level has triggered another wave of bullish sentiment in the market. This has led to expectations that the bull rally will continue and that the leading digital asset is set to put in a new all-time high above its previous $123,000 peak. This has also come with the formation of multiple bullish patterns on the Bitcoin price chart that lend credence to predictions that a new all-time high is on the horizon.
Bull Flags Put Bitcoin At New All-Time Highs
Crypto analyst Madden shared an interesting development on the Bitcoin price chart after its recent rally. This analysis focused on the recent break that has now ended the long-standing consolidation that points toward a continuation of the rally. Additionally, the analyst also outlined the possible next steps for the Bitcoin price and where it could end up.
One of the most notable things that has happened during this time is that the price was able to retest and break out of the channel above $117,000. As Madden explains, this retest and break have now led to the creation of a possible bull flag, and this could point to a further price surge.
There is also the fact that there is now a rising blue diagonal line from the previous support, suggesting higher lows for the Bitcoin price. Then again, a bullish cross could possibly be on the horizon. This is forming in the MACD-indicator that suggests that bears will continue to lose their hold on the market.
Taking all of these developments into account and adding in the fact that Bitcoin is now forming a textbook bull flag, the most likely outcome from here is that the cryptocurrency will see a possible 10% increase to notch new peaks.
How High Can The Bull Flags Take The BTC Price?
Three bull flags are highlighted in the chart that could see the Bitcoin price hit new all-time high after all-time high. The first bull flag is at the $127,500 level that would signal the first continuation of the bullish trend. Once this is established, then the other two bull flags come into play.
Next is the second bull flag at the $131,500 level as the bulls continue to dominate the market. Then, last but not least, is the third bull flag marked at the $136,900 level, to complete a 10% increase from its current all-time high.
Featured image from Dall.E, chart from TradingView.com
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