Bitcoin Bull Flag Setup Suggests Another Advance to $90K
Bitcoin's recent pullback from $79,500 has created a potential bull flag setup, according to analysts. The pattern suggests that another advance may be on the horizon, with some predicting a target of $90,000.
The bull flag remains unconfirmed, as it requires at least three touches on both its upper and lower boundaries before traders can consider it established. Bitcoin has so far retraced only to the 0.236 Fibonacci level, leaving the pullback unusually shallow after last week's rapid advance.
According to Laurie Dunn, a deeper correction could bring $69,000 into focus, where several technical support levels converge. The daily chart places horizontal support near this level, along with the 0.618 Fibonacci retracement and the 200-day simple moving average.