Key takeaways:
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Prepare thyselves for one more dalliance down to $117,000 before the gallant steed of Bitcoin charges forth unabated.
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And lo! A most familiar chart pattern whispers sweet nothings of a $145,000 rendezvous in the near future.
Bitcoin (BTC), that dazzling enfant terrible of finance, recently flirted with a six-week zenith of $119,500 this past Thursday, strutting up 10% from a somewhat humble local low of $108,650 just a mere week before. Like a cat reclaiming its favorite velvet cushion, BTC has embraced a critical support level while coyly consolidating beneath its lofty $124,500 all-time high.
Will Bitcoin dare to pierce the heavens of new all-time highs in the coming days? One dares to dream.
Bitcoin’s “bull flag” breakout: a siren song to $145,000
After a gallant ascent to the majestic summit of $124,500 on August 14, Bitcoin took a modest bow down below $110,000, carving out what the sages call a “bull flag” on the daily scrolls – a whimsical pattern suggesting that the rally is merely gathering breath for another pirouette skyward.
A bull flag is, mind you, the technical equivalent of a dandy taking a polite pause after overindulging at the Champagne reception, only to sally forth with renewed vigor posthaste.
The latest encrypted prophecies from CryptoMoon Markets Pro and the oracle known as TradingView proclaim that BTC has heroically broken free from this flag, poised elegantly to mount further victories.
“Bitcoin’s bullish flag upside breakout is confirmed,” declared the illustrious Captain Faibik upon his digital platform X, prognosticating a gallant charge to around $140,000 as the mid-term prize.
Joining the chorus, the enigmatic Gladiator-concealed beneath the cloak of the pseudonymous-echoed in a Thursday dispatch,
“This could get explosive and move fast.”
Indeed, a confirmed breakout from this pennant may yawn wide the gates to the next triumphant leg upward-towards a whimsical $145,400-an eyebrow-raising 22% leap from today’s modest perch.
According to Bitcoin’s MVRV extreme deviation bands-a veritable financial mood ring-after charming its way past $117,000, the token might yet stretch its legs further, until investors’ unrealized profits reach the dizzying heights marked by the uppermost MVRV band at $139,300, as foretold below.
But first, a humble dip to test one’s mettle
Seeing as Bitcoin has rather voraciously consumed almost all the sell-side liquidity during its ascent to $119,500, a cadre of analysts caution that a delicate descent to $117,000 as support might be the prudent Shakespearean interlude before the final act of the uptrend.
“Bitcoin has guzzled nearly all the liquidity above the recent highs, so a brief pause is to be expected,” mused Michael van de Poppe, founder and trader of MN Capital, via his latest missive on X.
An accompanying chart-practically dripping with drama-suggests Bitcoin might perform a flirtatious test of support at $117,000 before resuming its dignified recovery.
Meanwhile, the BTC liquidity map reveals a veritable banquet of bid clusters between $116,000 and $117,800-certainly no meager morsel for those hungry for confirmation.
Ted Pillows, a fellow analyst of some repute (and suitably sleepy moniker), enjoins Bitcoin to cling dearly to the $117,000 lifeline lest it tumble towards the darker depths of $113,500.
He quipped:
“The sole, impenetrable barrier betwixt BTC and a new all-time high is the imperious $120,000 resistance level.”
And as ever, CryptoMoon whispers that a decisive skirmish past $120,000 could well unfurl the red carpet to astronomical all-time highs beyond the starry $150,000, fuelled by that most mysterious of forces: seasonality and the insatiable appetites of institutions.
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2025-10-02 17:41