MSTR, a proxy for Bitcoin, may be ending its 34-day consolidation phase and could make a new attempt at all-time highs this summer.
Although the chart patterns of BTC and MSTR are slightly different, the overall trend is similar. Since Bitcoin reached a high of $112,000 in May, it has been moving within a broad flag pattern. From a cycle perspective, this consolidation may be setting the stage for another breakout this summer.
The depth of this bull flag is around $12,000. If the breakout happens smoothly, the next target area is estimated to be near $120,500.
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