Bitcoin's price chart is exhibiting a bull flag, indicating a possible breakout toward new all-time highs, with a target of $140,000. A breakout beyond the $109,000 mark is essential to confirm this bull flag pattern and could pave the way for a rally to $146,000. The formation is identified by trendlines connecting recent high and low price points. Following a surge to nearly $111,900 from around $74,700, Bitcoin has since traded in a slightly descending range, forming the bull flag. The pattern signifies consolidation within a short time, supported by lower trading volume, which typically precedes a continuation of the prior uptrend. The analysis suggests that while these patterns generally have low failure rates, close observation of price movements is crucial to determine the likelihood of a successful breakout. Technical Analyst Omkar Godbole of CoinDesk emphasizes the importance of this formation for traders looking to capitalize on potential price increases.

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