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Bitcoin price is currently forming what looks like a bull flag on the 1-hour timeframe. This pattern is very bullish and could see the Bitcoin price surging to as high as the $70,000 price region in the coming days.
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Key Levels To Watch
The key level to watch is the $58,298 resistance, we want to see Bitcoin break and close above that resistance in the coming days. This will confirm that the bulls are back in full control and we can expect to see the Bitcoin price continue to surge higher.
The likely target for this bullish move would be the $70,000 price level. This is the normal target for the flag pattern and has a very high probability of playing out.
However, if the $58,298 price level continues to hold strong we might see a Bitcoin crash back down to the $51,928 key support or even as low as the $45,000 level.
We want to wait and see how Bitcoin reacts to the top of the channel for the flag pattern and the $58,298 horizontal resistance. A break of both is a strong indication that the bull run might just resume sooner than we expect.
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We also created a video below where we talked more in-depth about some other patterns developing on the Bitcoin chart right now! We also talk about key fundamental factors that might affect the Bitcoin price in the coming days.
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