“Bitcoin’s remarkable upward trajectory could reach new heights as top traders predict an astonishing surge to $38,000, signaling a potential game-changing moment for the world’s most famous cryptocurrency.”
Cryptocurrency analyst Josh Olszewicz has predicted a potential surge in the Bitcoin price. Olszewicz, a prominent voice in the crypto trading realm, recently predicted that the price of Bitcoin (BTC) could potentially reach the $38,000 level. At press time, the cryptocurrency is approaching the $35,000 level.
Olszewicz highlighted the emergence of a “high n’ tight flag” formation, often seen as a bullish indicator in market analysis. This pattern gets its name from its appearance: the “high” refers to the rapid and almost vertical price ascent, while “tight” describes the subsequent consolidation phase, which appears like a flag on the chart.
If Bitcoin adheres to this trajectory, Olszewicz foresees the possibility of a breakout reaching the yearly pivot point of $38,000. He further pointed to the presence of the Adam & Eve (A&E) and inverted head and shoulders (iH&S) formations, suggesting the market’s hesitancy to dive into bearish territory. Both are bullish reversal patterns.
However, Olszewicz underscored an essential caveat: any new pronounced dip could disrupt this bullish pattern, potentially steering Bitcoin’s value towards the $31,000 mark.
According to the latest CoinGecko data, Bitcoin is priced at $34,678.17 after recording a 1.5% increase over the last 24 hours. It remains to be seen whether the bellwether coin will manage to reclaim the make-it-or-break-it $35,000 level.
About the author:
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to the burgeoning industry. He has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. Dovbnya is particularly interested in regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].