A recent analysis shows that 78% of Bitcoin's bullish engulfing patterns since 2021 have resulted in new local price highs, particularly during uptrends. Bitcoin has absorbed over $544 billion in capital since November 2022, pushing its realized market cap to an all-time high of $944 billion. On a recent trading day, Bitcoin exhibited a strong 4.34% daily gain, forming a bullish engulfing candlestick that reversed two days of bearish action. Despite mixed market sentiment, a comparative analysis of the bullish engulfing patterns revealed that out of 19 instances meeting confirmation criteria, 15 led to price increases, enhancing the pattern's reliability. Notably, these patterns were exclusively identified during bull markets, indicating their reduced effectiveness in bear markets. Current liquidity conditions are also reminiscent of late 2022's bullish setup, suggesting Bitcoin may be poised for further gains, potentially reaching new highs before testing the $100,000 level.

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