Bitcoin (CRYPTO: BTC) was consolidating during Friday’s trading session after reaching a high of $52,890 on Thursday –a level the apex crypto hasn’t traded at since Nov. 10, 2021.
Ethereum (CRYPTO: ETH) was following Bitcoin into consolidation, trading near its 19-month high of $2,868.68, which was printed on Thursday, while Dogecoin (CRYPTO: DOGE) continued in the horizontal pattern it started after reaching a high of $0.088 on that same day.
Despite Bitcoin flashing technical indicators that the local top may have occurred, Morgan Creek CEO Mark Yusko said on Thursday he predicts the crypto will reach approximately $150,000 after the next Bitcoin halving in April and said the current bull run is “just getting started.” Read More Here…
If so, the Grayscale Bitcoin Trust ETF (ARCA: GBTC), the first spot Bitcoin ETF to be approved last month, which is up about 33% since Jan. 23, is likely to continue surging higher in tandem with Bitcoin.
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On Friday, GBTC was mirroring Bitcoin and Ethereum from a technical analysis perspective, by working to print a possible bull flag pattern above the Jan. 11 high of $43.50.
GBTC is highly liquid, offering traders and investors a high level of flexibility to manage their trades, with an average 30-day trading volume of over 17,000 shares.
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The Bitcoin and Ethereum Charts: While Bitcoin was holding slightly stronger than Ethereum on Friday, both cryptos appear to be working to print bull flag patterns, with their poles formed between Feb. 6 and Thursday and the flags beginning to form on Friday. If the cryptos break up from the pattern on higher-than-average volume, the measured move is about 24% for Bitcoin and Ethereum, which suggests they could rise toward the $64,100 and $3,249 mark, respectively.
If Bitcoin and Ethereum continue to consolidate within flag formations over the weekend, it will help the cryptos to drop their relative strength index levels back under the 70% mark, which will move Bitcoin and Ethereum down from overbought territory. If that happens, it will give Bitcoin and…
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