The expert analyst gave the price level that must be crossed for Bitcoin (BTC) to continue its rise in its formation.
Bitcoin in the last two weeks $26,500 from level for $35,500 After experiencing an increase of up to 100%, it seems to have entered a consolidation process within the formation of a triangle formation on a daily basis.
Triangle formations formed after the rise are also called bull flags (or pennants) and indicate a consolidation in price before the current trend continues.
FxPro analyst Alex Kuptsikevich In an email to Coindesk, Bitcoin at the price 35 thousand dollars a movement coming towards bullish triangle breakout will be verified And the rise will continue told:
Bitcoin is forming a triangle formation on the daily chart. In general, such consolidation formations are expected to result in an upward break.
The general consensus is that the goal of such formations is to experience another wave equal to the first price movement after the breakout and confirmation. Considering the analyst’s comments, this level is high for Bitcoin. for 44 thousand dollars It corresponds.
Although triangle formations formed after an up or down trend generally tend to continue the previous trend, they can sometimes result in a movement against the trend.