Bitcoin may hit $110K as Strategy absorbs nearly 3x new BTC supply
Bitcoin may invalidate its bear flag setup as Strategy buys 46,233 BTC in just over a month, outpacing the 16,200 BTC supply in the same period.
Bitcoin (BTC) is trading within a bear flag pattern that projects a breakdown toward the sub-$50,000 area, or roughly 30% below current levels. However, Michael Saylor’s Strategy could spoil the bears’ plans.
Key takeaways:
Bitcoin has avoided a bear flag breakdown for weeks as Strategy keeps buying BTC.