NOIDA (CoinChapter.com)— Bitcoin price continued moving below $62,000 as bearish pressure forced the crypto token to pare gains after breaking above $63,000 on May 14. Traders closely monitor BTC’s price action since the token, due to its dominance, dictates general market sentiment.
Interestingly, a crypto analyst has pointed out that an indicator that has previously forecasted gigantic price rallies for Bitcoin has reappeared.
Bitcoin Price And The Green Cross Indicator
Investors and analysts often observe technical and historical bullish patterns to search for signals that could predict the next bull runs. Nic Puckrin, CEO of Coin Bureau, highlighted a particular technical indicator known as the ‘Green Cross‘ in an X post.
The Green Cross indicates when Bitcoin’s seller energy reaches an elevated level that historically precedes substantial rallies. This bullish indicator emerges during prolonged periods when Bitcoin’s price stays below its all-time high, building potential energy for a breakout.
Notably, this scenario played out in 2013 and 2017, each time ushering in a significant price surge following the indicator’s activation.
As of March 4th, Bitcoin has witnessed another such occurrence, echoing the conditions seen in previous bullish cycles. Though past performances do not guarantee future results, the patterns could attract buyers and become a bullish cue for the token.
Bitcoin Bullish Flag Pattern Points To $100K Price Tag
A bullish technical setup, called the ‘bull flag pattern,’ might interest Bitcoin bulls looking for a six-figure price tag for the token.
A bull flag pattern forms when a crypto token’s price experiences a near-vertical rise, creating the flag pole. This pattern commonly emerges in assets that are in a strong uptrend.
Following the steep ascent, the asset undergoes a period of consolidation, which creates the flag of the pattern. Despite the initial strong rally, the price holds steady as buying pressure persists. Typically, a breakout from this consolidation phase triggers another significant uptrend.
The pattern reaches completion when the price breaks out from the flag area, effectively resuming the prior upward trajectory. Traders project the breakout’s price target by adding the length of the flag pole to the breakout price level.
According to the rules of technical analysis, if the token confirms the bullish technical pattern, Bitcoin price might rally over 84% to reach the pattern’s theoretical price target near $113,600.
For the moment, BTC price action remains range-bound between the 0.618 FIB resistance near $64,500 and the 0.382 FIB support near $60,670. Breaking either of the levels would determine BTC price action for the near future.
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