Bitcoin demonstrates readiness for the next rally after breaking out of bullish flag pattern just days ahead of U.S presidential elections.
and for more reasons than one. Accumulation has been gaining traction during the month and this has contributed to a major pattern breakout.
Bitcoin formed a lengthy bullish flag after its impressive rally in the first 3 months of 2024. This pattern has been playing out since March, characterized by descending support and resistance bands. Bullish momentum in the last five days confirmed the breakout and allowed Bitcoin to soar close to its historic ATH of $73,777. The recent upside peaked at 73,620.The bullish flag pattern breakout has finally occurred for the first time in almost 7 months. This also suggests that the price could be on the verge of another major move in favor of the bulls. In other words, Bitcoin is on the verge of price discovery and new all-time highs.The U.S.
Uncertainty has also made a comeback after the latest rally. Price has demonstrated resistance within the previous high range. More noteworthy is that on-chain data suggests that large holders have been taking profits.
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