Latest Status of Bitcoin Rise: Is the $38,000 Target Near?

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Josh Olszewicz, one of the leading figures in the cryptocurrency world, has a large following for evaluating and analyzing Bitcoin’s future price movements. Olszewicz, last in the analysis He stated that he sees potential between Bitcoin’s current level of $34,614 and a target of $38,000. But before we look at the basis behind these predictions, let’s take a look at the key features of Olszewicz’s analysis.

Crypto trader and former analyst at Valkyrie Investments, Josh Olszewicz is known as a trader who specializes in technical analysis and chart formations. In his latest analysis, he pointed out some important technical patterns that are driving Bitcoin’s price action.

First of all, Olszewicz drew attention to the “high and tight flag” formation, which is an important formation that supports the upward trend in Bitcoin price. This formation is a pattern that shows that prices tend to rise again after a significant upward movement. The pattern in question gets its name from its appearance: “high” refers to a rapid and nearly vertical price increase, while “tight” describes the subsequent consolidation phase that appears like a flag on the chart.

Olszewicz predicts the possibility of a breakout that would reach the $38,000 annual pivot point if Bitcoin follows this trend.

He also highlights two more bullish formations: Adam and Eve (A&E) and inverse head-and-shoulders (iH&S) formations. According to the analyst, these formations show that the Bitcoin price is hesitant to decline.

But while Olszewicz remains bullish for the market, he also reveals a potential danger to be aware of. According to Olszewicz, any new significant decline could disrupt this bullish trend and potentially send Bitcoin’s value towards the $31,000 level.

At press time, the leading crypto is trading close to the $35,000 level. It is not yet known whether Bitcoin can regain the $35,000 level.

You can follow the current price movement here.


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