Cryptocurrency analyst Josh Olszewicz has predicted a potential surge in the Bitcoin price

Josh Olszewicz, a prominent voice in the crypto trading realm, recently predicted that the price of Bitcoin (BTC) could potentially reach the $38,000 level. At press time, the cryptocurrency is approaching the $35,000 level.

Navigating the bullish patterns

The trader highlighted the emergence of a "high n' tight flag" formation, often seen as a bullish indicator in market analysis. 

The "high n' tight flag" is a bullish continuation pattern often seen after a significant upward move in price. This pattern gets its name from its appearance: the "high" refers to the rapid and almost vertical price ascent, while "tight" describes the subsequent consolidation phase, which appears like a flag on the chart. Essentially, after a sharp rise, the price starts to consolidate or move sideways, creating a flag-like formation.

If Bitcoin adheres to this trajectory, Olszewicz foresees the possibility of a breakout reaching the yearly pivot point of $38,000. 

He further pointed to the presence of the Adam & Eve (A&E) and inverted head and shoulders (iH&S) formations, suggesting the market's hesitancy to dive into bearish territory. Both are bullish reversal patterns. 

However, he underscored an essential caveat: any new pronounced dip could disrupt this bullish pattern, potentially steering Bitcoin's value towards the $31,000 mark.

Approaching $35,000

According to the latest CoinGecko data, Bitcoin is priced at $34,678.17 after recording a 1.5% increase over the last 24 hours. Within the past 24 hours, Bitcoin has seen its price fluctuate between a low of $33,949 and a peak of $34,763.

It remains to be seen whether the bellwether coin will manage to reclaim the make-it-or-break-it $35,000 level. 

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].