Bitcoin Shakeout Pattern Signals Potential Rally Above $130,000
- Bitcoin recently bounced off a support level at $110,000 and is trading above $112,000.
- Crypto analyst CrypFlow identified a shakeout pattern that historically precedes Bitcoin bull runs.
- The stochastic RSI on the weekly chart is near oversold levels, indicating potential bullish momentum.
- Bitcoin’s price action shows an attempt to break out of a consolidation zone with recent green weekly candles.
Bitcoin has shown significant volatility, rebounding from $110,800 to above $112,000 in recent trading sessions. Analyst CrypFlow highlights a recurring shakeout pattern that may set the stage for another rally beyond its all-time high of approximately $124,000 and towards $130,000.
The ongoing shakeout pattern and technical indicators suggest Bitcoin could be poised for an upward trend continuation, potentially reaching new highs above $130,000. (Source)
