A renowned figure in the cryptocurrency trading arena, Josh Olszewicz, has recently made a forward-looking prediction concerning the price of Bitcoin (BTCUSD). Olszewicz suggests that Bitcoin could potentially attain the $38,000 mark, with the cryptocurrency currently edging closer to the $35,000 level.
Analyzing Bullish Patterns
Olszewicz brought attention to the emergence of a “high n’ tight flag” pattern, which is often regarded as a bullish indicator within the realm of market analysis. This pattern typically arises following a significant upward price surge. Its name derives from its visual characteristics, with “high” alluding to the rapid and near-vertical price ascent, and “tight” describing the subsequent consolidation phase, which takes on the appearance of a flag on the price chart. Essentially, after experiencing a sharp ascent, the price enters a phase of consolidation or sideways movement, creating a flag-like formation.
Should Bitcoin continue to follow this trajectory, Olszewicz envisions the possibility of a breakout that could reach the annual pivot point of $38,000.
He also highlighted the presence of the Adam & Eve (A&E) and inverted head and shoulders (iH&S) patterns, which indicate the market’s reluctance to move into bearish territory. Both of these patterns are associated with bullish reversals.
However, Olszewicz emphasized an important caveat: any significant downward movement could disrupt this bullish pattern, potentially leading Bitcoin’s value down towards the $31,000 level.
Approaching the $35,000 Threshold
According to the most recent data from CoinGecko, Bitcoin is currently valued at $34,678.17, marking a 1.5% increase over the past 24 hours. During this period, Bitcoin’s price fluctuated between a low of $33,949 and a high of $34,763.
The question that remains is whether the flagship cryptocurrency will successfully breach the critical $35,000 level or not.