Prominent figure in the world of cryptocurrency trading Josh Olszewicz recently forecast that the price of Bitcoin (BTC) would go as high as $38,000. As of this writing, the cryptocurrency is getting close to the $35,000 mark.
Navigating the bullish patterns
The trader emphasised the appearance of a “high n’ tight flag” pattern, which is frequently seen as a positive sign in the study of markets.
A bullish continuation pattern known as the “high n’ tight flag” is frequently observed following a big price increase. The name of this pattern comes from how it looks: “high” denotes the quick, nearly vertical price increase, and “tight” refers to the consolidation period that follows, which is depicted on the chart as a flag. Basically, following a significant increase, the price begins to sidestep or consolidate, forming a shape resembling a flag.
Olszewicz predicts that if Bitcoin continues on its current path, it may breakout and hit the $38,000 annual pivot mark.
He went on to mention the existence of the inverted head and shoulders (iH&S) and Adam & Eve (A&E) formations, which alluded to the market’s reluctance to enter a negative zone. These two reversal patterns are bullish.
He did, however, emphasise a crucial warning: any fresh, significant decline would upset this positive trend and drive Bitcoin’s price closer to $31,000.
Approaching $35,000
Based on the most recent statistics from CoinGecko, the price of Bitcoin is $34,678.17, up 1.5% in the past day. The price of Bitcoin has fluctuated from a low of $33,949 and a height of $34,763 in the last day.
Whether the bellwether currency is able to recover the crucial $35,000 level is still to be seen.
