Crypto analyst "Carl from the Moon" on X spots an intriguing pattern on the Bitcoin weekly chart that might trigger a rise to $40,000 if validated. "Carl from the Moon" observes a Bitcoin bull flag formation on the weekly time frame that has a price target of $40,074.
By definition, a bull flag is a bullish chart pattern depicted by two rallies separated by a brief pullback period. Profit-taking brings the initial rise to a stop, and the price settles into a tight range with slightly lower lows and higher highs.
Bitcoin price action
BTC was up 0.29% in the last 24 hours to $27,683 at the time of writing. Bitcoin (BTC) rose to highs of $27,896 in today's trading as crypto markets settled after Monday's rapid gain. BTC temporarily surpassed $28,000 earlier this week before reversing some of its gains. Negentropic, one of Glassnode's cofounders, highlights BTC's impressive rise at the start of October, while suggesting that a major decline seems improbable at this stage. "BTC enjoyed a 6% surge on Sunday, but hitting a roadblock at $28.5K led to a 4.5% dip the following day. Nevertheless, the Risk Signal's sharp drop below the high-risk threshold suggests that a major decline is improbable at this stage," the Glassnode cofounder tweeted. According to Santiment, Bitcoin experienced its largest volume spike on Monday, only hours after breaking beyond the $28,400 barrier for the first time since mid-August $BTC #dyor #BTC #crypto2023
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