Technical analysis by Western-cowboy about Symbol BTC: Buy recommendation (10/24/2024)

BTCUSDT form cattle flag, next target: 80K!!Bitcoin is forming a bull flag pattern on the daily chart, hinting at a potential breakout that could propel the price towards $80,000. Currently trading at $67,500, Bitcoin is testing the upper boundary of the flag, with multiple rejections seen in previous attempts to break out. This consolidation within a descending channel, following a strong upward trend, suggests a bullish continuation if the breakout is confirmed.If Bitcoin successfully breaches the flag’s resistance, the measured move from the prior leg indicates a target of 80k. Bull flags are known for signaling a continuation of the prevailing trend, and with Bitcoin’s bullish momentum intact, a breakout could lead to a significant surge. Traders should watch for a clean break above the upper trendline as a confirmation of this setup.