ZAYK Charts analysis lately suggests Bitcoin (BTC) may be on the verge of achieving a new all-time high (ATH). According to a tweet from the analyst, BTC has completed a bullish flag breakout on the 3-day timeframe.
The analyst notes that BTC is currently retesting the breakout level. Moreover, the ongoing price action hints at a potential upward continuation, setting the stage for a significant rally.
ZAYK’s BTC chart analysis indicates a classic bullish flag pattern. This technical setup consists of a “flag”-shaped rise followed by a period of consolidation inside a channel that slopes downward.
The bullish indicator that Bitcoin’s breakout from this pattern indicates that the upswing will continue. After the breakout, Bitcoin is retesting the flag’s upper trendline, which is currently serving as a support level at roughly $66k.
Such retests are usually seen by analysts as validations of the veracity of the breakout. Bitcoin may open the door to more gains if it holds steady at this support level.
Price Trends and Projections
Currently, Bitcoin is trading around $67,983.99, showing resilience after the breakout. The bullish flag pattern’s breakout is accompanied by a 31.87% projected target, suggesting that BTC could rise to approximately $87,000.
This aligns with the optimistic outlook shared by ZAYK Charts, who emphasized that a new ATH may be within reach if current conditions persist.
However, the immediate resistance lies near $80,000, a level that may act as a psychological barrier. Should BTC manage to overcome this resistance, the price could target the projected $87,000, marking a rally from current levels.
Key Support and Resistance Levels
Bitcoin’s recent price action has established key support and resistance zones. The upper trendline of the previous flag, now acting as support around $66,000, is crucial for maintaining the bullish outlook.
Additionally, the broader support is identified near $56,500, the base level during the consolidation phase. These levels serve as safety nets, indicating where BTC may find buying pressure in case of a pullback.
The main resistance zones to watch include $80,000 and the projected $87,000 target. Traders are likely to observe these levels closely, as breaching them could solidify the continuation of BTC’s upward trend and lead to new record highs.
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Potential Scenarios: Bullish Continuation vs. Reversal
ZAYK Charts’ analysis points to two potential scenarios. Bitcoin may indicate a robust continuation of the positive trend if it holds onto the $66,000 support level and overcomes the $80,000 resistance. This increase would probably push Bitcoin beyond the $87,000 barrier, setting a new ATH and bolstering the market’s generally upbeat mood.
However, if the $66,000 support is broken, there may be a brief decline, and Bitcoin may go back to the larger support area around $56,500. Nevertheless, considering the strength of the most recent breakthrough, the chances of a negative reversal seem slim.
The outlook provided by ZAYK Charts suggests that Bitcoin’s ongoing retest phase is a critical period. With a bullish flag breakout already confirmed, BTC appears positioned for further gains if it maintains key support levels.
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