After a prolonged consolidation, Bitcoin has re-asserted its market leadership this week.
The crypto king has broken out of a flag-like consolidation pattern and looking at new highs.
Today’s chart looks at the iShares Bitcoin ETF (IBIT) on a “weekly” price basis and highlights this massive breakout pattern.
Bulls want to see follow on buying this week and next to confirm the pattern.
If so, then IBIT could target $52+ per share as Bitcoin eyes $100,000. That said, Bitcoin and crypto-currency are extremely volatile so stops are always used.
iShares Bitcoin Trust ETF (IBIT) Chart
Check out my research offerings on Cerundolo Investment Research.
Twitter: @GuyCerundolo
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
