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Bitcoin Breaks Out of Key Bull Flag Pattern, Analyst Sets Next ATH Target for BTC at $116,650
In a remarkable turn of events, the price of Bitcoin has broken out of a key bull flag pattern, sending shockwaves throughout the cryptocurrency community. This sudden development has sparked intense speculation about the future trajectory of this highly volatile market.
According to seasoned analysts, it appears that the recovery phase for Bitcoin is now in full swing. The digital currency’s recent surge above its 6-digit price range signals an uptrend that refuses to be extinguished. As a result, the anticipation surrounding potential ATH (All-Time High) targets has reached a fever pitch.
Despite the sudden pump and reclamation of a 6-digit price, Bitcoin still has a considerable distance to cover before reclaiming its previous record-high target of $108,268.45. However, it’s essential to note that the Crypto Fear & Greed Index has remained at a ‘Greed’ score of 75 for the second consecutive day.
This relatively steady trend could suggest that the community is holding its breath and waiting to see if BTC will hold before shifting towards an even more bullish sentiment. Meanwhile, experienced analysts are beginning to rejoice as their patience finally appears to be paying off.
Historically, most experts were adamant that Bitcoin would eventually pump to retake the previous ATH and then push for even higher targets. While predictions about the cycle top vary from $235,000 to $250,000, it’s now time for analysts to focus on which ATH will arrive next.
One such analyst has come forward to set a new target of approximately $116,650 for Bitcoin. In a tweet, Javon Marks (@JavonTM1), a popular crypto influencer, announced that the price has broken out of a key bull flag pattern and will likely move beyond its previous ATH prices.
Source: cryptonewsland.com
