Bitcoin (BTC) Price Prediction: Bull Flag Breakout Targets $97K – Momentum Builds

Source: CryptoDaily Original Title: Bitcoin (BTC) Price Prediction: Bull Flag Breakout Targets $97K – Momentum Builds January 12 Original Link:

Bull Flag Breakout or Fakeout?

The Bitcoin price was able to get above $92,000 early on Monday before falling back again. The short-term time frame chart for the BTC price has gone from bullish to neutral/bearish in a very short amount of time. A breakout of the small bull flag looked to have been confirmed before a decisive looking red candle took the price back inside the flag. It may well be that the price emerges from the flag again, given that it has met with strong support at $90,000.

Things are looking overall bullish for Bitcoin, bearing in mind that large amounts of debt need to be rolled over, which might lead to significant money printing and help send Bitcoin much higher.

Ascending Triangle Pattern Still the Most Powerful Narrative

The daily time frame puts things very much more into perspective. A perfect breakout of the huge falling wedge pattern looks as though it is just about to get going again after a relatively short distribution phase. The breakout of the small bull flag may have failed for now, but it does look likely that it will eventually break out. Even if it doesn’t, the ascending triangle is the much bigger pattern, and should the price push through the top of this, the measured move to the make-or-break $108,000 resistance level would be the target.

The daily Stochastic RSI indicators are heading down, so any more bearish price action would only serve to see them fall further, and to be able to signal more upside price momentum when they eventually turn back around.

More Like a Bear Market Bottom?

The weekly chart reveals that once the BTC price is able to break through the $94,000 horizontal level, two more steps at $101,000 and $108,000 would take it to the last leg up to the $126,000 all-time high.

Bitcoin is as beaten down as it gets, and has practically already hit lows that would be commensurate with the bottom of a bear market. The current rally isn’t just out of a deep bull market pull back, it is as though a bear market bottom has been made, and now we are in a disbelief phase as the price claws higher.

If a towering bullish green candle breaks out and stands on top of the ascending triangle, watch this market change in an instant. Bitcoin has had to take a back seat to other assets for quite some time now, but its own time is coming. It might be a glorious sight to behold when it does.