Bitcoin’s (BTC) newfound momentum above $60,000 could be part of the anchor driving the maiden cryptocurrency to a new all-time high valuation of $200,000, according to a trading expert.
Particularly, an analysis shared by TradingShot in a TradingView post on July 19 focused on a sequence of technical patterns that historically indicate significant upward movements in Bitcoin’s price.
According to the analyst, Bitcoin is nearing the top of a four-month bull flag pattern. TradingShot pointed out that this pattern is part of a larger, long-term channel-up pattern.
It remains a critical price movement because once Bitcoin breaks above the bull flag, it is expected to trigger a parabolic breakout, surpassing the all-time high trend line.
The analysis parallels the current bull flag and similar patterns observed in previous Bitcoin cycles. In these past cycles, breaking above the bull flag level initiated a parabolic rally, propelling Bitcoin to new heights.
Bitcoin price
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