Josh Olszewicz, a leading voice in the cryptocurrency trading space, recently foretold that the price of Bitcoin (BTC) could potentially reach the $38,000 level. At press time, the cryptocurrency is approaching the $35,000 level.
Navigating bullish patterns
The trader highlighted the emergence of a “tight high flag” formation, often seen as a bullish indicator in market analysis.
The “high tight flag” is a bullish continuation pattern often seen after a significant bullish move in price. This pattern gets its name from its appearance: “high” refers to the rapid, almost vertical rise in price, while “tight” describes the subsequent consolidation phase, which appears as a flag on the chart. Basically, after a sharp rise, the price begins to consolidate or move sideways, creating a flag-like formation.
If Bitcoin sticks to this trajectory, Olszewicz foresees the possibility of a breakout reaching the annual pivot point of $38,000.
Furthermore, he noted the presence of the Adam and Eve (A&E) and Inverted Head and Shoulders (iH&S) formations, suggesting the market’s hesitation in diving into bearish territory. Both are bullish reversal patterns.
However, he highlighted an essential warning: any further sharp decline could disrupt this bullish pattern, potentially pushing Bitcoin’s value towards the $31,000 mark.
Approaching $35,000
According to the latest data from CoinGecko, Bitcoin is priced at $34,678.17 after registering a 1.5% increase in the last 24 hours. In the last 24 hours, Bitcoin has seen its price fluctuate between a low of $33,949 and a high of $34,763.
It remains to be seen if the leading coin will manage to reclaim the decisive $35,000 level.
