The price of Bitcoin seems to be losing correlation with ETF inflows and outflows, which is why BTC has remained on the sidelines for the past few days despite institutional adoption gaining momentum.
This has become a focal point for investors and analysts. A popular analyst who goes by Titan of Crypto on X recently shared their insights into Bitcoin’s current trajectory and potential future movements.
BTC to $60K?
According to the analyst, BTC is currently exhibiting a bullish flag formation with a target price of $61,000. The analyst points out that Bitcoin is undergoing a retest of the Tenkan indicator, observing that each time it approaches the $50.7k level, it experiences significant buying activity, as evidenced by candle wicks.
#Bitcoin Bull flag formation: target at $61,000🎯#BTC is retesting Tenkan 🔴 at the moment.
Each time it hits the $50.7k level it’s bought back. Look at the candle wicks.
– As long as Tenkan holds the potential bull flag formation is likely to play out.
– If it were to… pic.twitter.com/Rku3g1YXSa— Titan of Crypto (@Washigorira) February 22, 2024
Titan of Crypto emphasizes that as long as the Tenkan indicator holds, there is a high likelihood of the bullish flag formation playing out. However, the analyst warns that a downside break could lead to the next support level at the Kijun indicator, currently situated around $47.3k.
What Will It Take For BTC to Reach New ATHs?
The Tenkan-Sen, also known as the Conversion Line, represents short-term momentum and trend reversals by calculating the average of the highest high and lowest low over a specified period. It is a key component of the Ichimoku Cloud, which is a comprehensive technical indicator used in trading to identify support and resistance levels, gauge momentum, and determine trend direction.
Similarly, Bitcoin analyst CryptoCon focuses on the Weekly Ichimoku Cloud indicator and suggests that a break of the cloud top point at $52,800 could signal a run to Bitcoin’s all-time highs and potentially mark the cycle top.
Simply put, the Weekly Ichimoku Cloud says that a break of the cloud top point at $52,800 marks the run to #Bitcoin ATHs and the cycle top.
A break of this point now would be almost an entire year earlier than usual, as most occur during the transition from Blue Year… pic.twitter.com/I0XTbgnNpB
— CryptoCon (@CryptoCon_) February 20, 2024
Such a break, according to the analyst, would occur almost a year earlier than usual based on historical patterns, as most cycle tops typically happen during the transition from the “Blue Year” to the “Red Year.”
The analyst highlights that the top of the cloud has historically indicated a point of steep rejection followed by a prolonged sideways period.
CryptoCon says the impact of exchange-traded funds (ETFs) on the cryptocurrency landscape is yet to be proven; many market observers believe these financial instruments may have altered the traditional market dynamics for BTC and, to a certain extent, cryptocurrencies.
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