What to know:
- IBIT’s chart shows a bull flag breakout, and if you believe in charts, you might as well believe in the Tooth Fairy. 🦷
- The pattern suggests more gains for BTC ahead, or as I like to say, more gravy for the gravy train. 🚂
- BTC’s spot price also shows bullish developments, according to one analyst who probably has a crystal ball. 🧙♂️
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole, who, if he were a horse, would be the one leading the parade. 🐎
Bitcoin‘s spot price has surpassed $111,000 and could rise by another 30% to exceed $140,000. If that happens, I’ll be the first to buy a ticket to the moon. 🚀
That’s the message from the daily price chart of BlackRock’s Nasdaq-listed spot bitcoin ETF, known by its IBIT ticker, which shows a bull flag breakout. A bull flag breakout, you say? Sounds like a fancy way of saying the bulls are on a tear. 🏃♂️
The ETF, mandated to closely track the BTC spot price, rose 2.85% on Wednesday, briefly surpassing the May high of $63.70, according to data source TradingView. If you’re not impressed, you must be made of stone. 🪨
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Flags have a low failure rate, according to technical analysis theory. That said, the pattern could fail if macro factors take a turn for the worse, pushing prices back into a counter-trend consolidation. Such a move would negate the bullish outlook. But let’s not borrow trouble; let’s just enjoy the ride. 🎢
As of now, bitcoin’s spot price also indicates a bullish setup, suggesting a potential rally to $134,000, according to veteran chart analyst Peter Brandt. If he’s right, we might all be millionaires by the end of the year. 🤑
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2025-07-10 11:51