Bitcoin Shows Signs of Bullish Momentum, Eyes Potential Breakout to New Highs

Bitcoin’s price action is showing signs of a significant bullish trend, poised to break previous records. Bitcoin has entered a consolidation phase, indicating a possible breakout. As highlighted by CryptoJelle, an analyst, historical price patterns suggest that Bitcoin may be gearing up for a substantial move, potentially pushing it to new all-time highs (ATHs).

There is a visible consolidation phase followed by a significant breakout, leading to a sharp upward movement. The price has struggled to break above a major resistance level around $68,000. However, if it does, the next higher potential resistance level is around $76,000. 

Conversely, Bitcoin has found support around $59,000 after the recent consolidation phase, as shown by the green shaded area. Another significant support level is around $55,000, marked by the red shaded area where the price found support before the breakout.

As further noted by CryptoJelle, the bullish flag pattern suggests a target near $100,000, contingent on breaking and sustaining above the 69,000 resistance level. While technical analysis points to this potential, market conditions, sentiment, and other external factors could influence the actual price movement.

The chart displays a classic bullish flag pattern, a continuation pattern indicating potential for further upward movement after a consolidation phase. The sharp upward movement from October 2023 to early 2024 forms the flagpole. The consolidation phase within the channel, between approximately 55,000 and 69,000, forms the flag.

The length of the flagpole is added to the breakout point of the flag to estimate the target price. With the flagpole starting around 33,850 and reaching the upper boundary around 69,000 (an approximate difference of 35,150), the target price post-breakout is around 104,150.

The upper boundary of the channel at 69,000 acts as a critical resistance level. The lower boundary at 55,000 provides strong support. Additionally, around 59,000, there is an intermediate level offering minor support or resistance.

Besides, the live Bitcoin price at press time is $64,719.83 with a 24-hour trading volume of $28,598,646,910. Bitcoin is up 0.10% in the last 24 hours.