Bitcoin price has become more predictable lately as price fluctuations have remained within a certain range. The recent attempt to push the price above $71,900 sent out a huge bullish signal for the cryptocurrency, but the subsequent correction has raised many concerns about the future of BTC price growth. However, upon closer observation, the token is harboring hidden bullish divergences that could trigger a new upswing in the coming weeks.
The star cryptocurrency appears to have begun drawing multiple bullish patterns, suggesting the possibility of a new uptrend in the near future. Firstly, the price is trading within a bull flag pattern and secondly, it may form an inverse head and shoulders pattern, which is expected to push the BTC price above the current consolidation and form new highs in the coming days.
BTC price is stabilizing after a sharp rise, confirming the formation of a bull flag. Moreover, as seen in the chart above, the price has begun a new downtrend, which may further confirm the formation of an inverse head and shoulders pattern. This could lead to a further drop towards $60,000 and the start of a new bullish pullback above $70,000. This could be when the price reaches the neckline of the pattern and marks the start of a bull run towards new highs.
The technicals are currently favoring the bears as the MACD is showing signs of weakening buying pressure, while the RSI continues to maintain a sharp downtrend, supporting the bears’ case. However, the MACD remains within the bullish range, maintaining bullish expectations for a rise in Bitcoin (BTC) prices.
