Since 2021, 78% of Bitcoin's bullish engulfing patterns have led to new local highs, particularly during uptrends. Recently, Bitcoin formed a bullish engulfing candlestick after a 4.34% daily gain, indicating potential market recovery as it holds above $105,000. A comparative analysis revealed 19 occurrences of this pattern since January 2021, with 15 resulting in new highs, highlighting its reliability in a bull market context. The significance of trend context was evident, as similar patterns during the 2022 bear market failed to perform. Moreover, Bitcoin's liquidity condition mirrors levels not seen since late 2022, suggesting a possibility of continued bullish momentum. The current market structure and the substantial capital inflows post-November 2022—exceeding $544 billion—underscore Bitcoin's growing maturity as an asset, reinforcing the case for an optimistic outlook on upcoming price movements. However, caution remains due to the divided market sentiment.

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