Is that a bullish flag or failed breakout in Bitcoin?
The oldest cryptocurrency made headlines galore when it burst out to fresh record highs near $65,000 on the launch of a futures-based Bitcoin ETF last week, but bulls have been disappointed that the momentum has reversed over the last 10 days or so.
Bears will argue that with “memecoins” like SHIB and DOGE surging, we’re clearly reaching (or even past) the "peak mania" phase that has historically marked major tops in the crypto markets. Coincidentally (?), Bitcoin’s last major peak in 2017 coincided almost to the day with the initial launch of Bitcoin futures on the CME, leading some skeptics to see a potential symmetry between significant “sell the news” tops on new financial products in the space.
Meanwhile, bulls are viewing the set up as more of a “bullish flag” pattern. For the uninitiated, this pattern suggests that buyers remain in control of the market and foreshadows a strong rally if we see Bitcoin break above resistance in the $62,500-$63,700 area. If seen, that breakout could project a “measured move” target all the way up above $80,000, though its unlikely the market would rally in a straight line like it did through the first half of October.
Either way, the $62,500-$63,700 resistance zone will be a critical area to watch with massive implications for Bitcoin in the coming days!
Bears will argue that with “memecoins” like SHIB and DOGE surging, we’re clearly reaching (or even past) the "peak mania" phase that has historically marked major tops in the crypto markets. Coincidentally (?), Bitcoin’s last major peak in 2017 coincided almost to the day with the initial launch of Bitcoin futures on the CME, leading some skeptics to see a potential symmetry between significant “sell the news” tops on new financial products in the space.
Meanwhile, bulls are viewing the set up as more of a “bullish flag” pattern. For the uninitiated, this pattern suggests that buyers remain in control of the market and foreshadows a strong rally if we see Bitcoin break above resistance in the $62,500-$63,700 area. If seen, that breakout could project a “measured move” target all the way up above $80,000, though its unlikely the market would rally in a straight line like it did through the first half of October.
Either way, the $62,500-$63,700 resistance zone will be a critical area to watch with massive implications for Bitcoin in the coming days!