Bitcoin Bulls Eye $100K as Price Breaks Above Key Resistance

Bitcoin's price surged back above $81,000 on Friday after gaining nearly 6% in 24 hours. This breakout has traders focusing on a potential move higher, with one analyst identifying a bullish pattern known as a 'bull flag'.

The bull flag is a continuation pattern that occurs when the price consolidates between two levels before breaking out above them. In this case, Bitcoin's daily chart shows a consolidation between $76,000 and $81,000, followed by a sharp move higher. If the price holds above the upper boundary of this consolidation, it could signal another move higher.

According to Super฿ro, the bull flag pattern suggests that Bitcoin could reach $95,000 as a conservative target, or even $102,000 if the logarithmic measurement is used.

However, for these targets to be reached, Bitcoin would need to remain above the former flag resistance and continue producing higher closes. If it were to fall back below $76,000, it could weaken the bull-flag interpretation and raise concerns about a potential retracement.