Interesting BTC chart pattern might trigger rise to $40,000 if validated
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"Carl from the Moon" observes a Bitcoin bull flag formation on the weekly time frame that has a price target of $40,074.By definition, a bull flag is a bullish chart pattern depicted by two rallies separated by a brief pullback period. Profit-taking brings the initial rise to a stop, and the price settles into a tight range with slightly lower lows and higher highs.
"BTC enjoyed a 6% surge on Sunday, but hitting a roadblock at $28.5K led to a 4.5% dip the following day. Nevertheless, the Risk Signal's sharp drop below the high-risk threshold suggests that a major decline is improbable at this stage," the Glassnode cofounder tweeted. According to Santiment, Bitcoin experienced its largest volume spike on Monday, only hours after breaking beyond the $28,400 barrier for the first time since mid-August. Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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