This Chart Points to a 30% Bitcoin Price Boom Ahead: Technical Analysis
2025-07-10 08:38:11
Main Idea
Technical analysis of BlackRock's spot bitcoin ETF (IBIT) suggests a potential 30% price increase for Bitcoin, based on a bullish chart pattern and recent price movements.
Key Points
1. IBIT's chart shows a bull flag breakout, indicating a potential continuation of the uptrend from April lows.
2. The measured move method suggests at least a 30% upside for both IBIT and Bitcoin's spot price.
3. Bitcoin's spot price has surpassed $111,000 and could rise to $134,000, according to analyst Peter Brandt.
4. Flags have a low failure rate in technical analysis, supporting the bullish outlook.
5. IBIT rose 2.85% on Wednesday, briefly surpassing the May high of $63.70.
Description
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin's BTC spot price has surpassed $111,000 and could rise by another 30% to exceed $140,000. That's the message from the daily price chart of BlackRock's Nasdaq-listed spot bitcoin ETF, known by its IBIT ticker, which shows a bull flag breakout. The ETF, mandated to closely track the BTC spot price, rose 2.85% on Wednesday, briefly surpassing the May high of $63.70, according to data source...
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