Bitcoin (BTC) takes war hit but recovery sees bullish chart formation

Bitcoin (BTC) takes war hit but recovery sees bullish chart formation

Heightened tensions between Israel and Iran led to a crypto market drop over the weekend. Bitcoin suffered another correction to just under $60,000. However, Monday has dawned brighter for $BTC as around half of the correction has already been wiped off.

Bitcoin price crashes over weekend

Potential war in the Middle East was probably the reason why $BTC saw a nearly 16% reversal over the course of Friday and Saturday. It is for events just such as this that bitcoin was created, but even so, the news of escalation in the Middle Eastern conflict was enough to see traditional markets close down on Friday, and for $BTC to suffer a big dip over the weekend.

Bull flag is formed

Source: Coingecko/Trading View

The dip did result in the $BTC price crashing out of the triangle it had been in since mid-March, but that said, the wick down to just under $60,000 has succeeded in marking the lower boundary of a large bull flag. This is obviously an extremely bullish pattern, and the measured move for it, should it play out, gives a potential price of $96,000.

The wick down to around $59,800 must have given cause for the jitters among bitcoin traders and investors. Just a bit further down was the last line in the sand at $59,000. Had $BTC crashed down beyond this, a complete reevaluation of the bitcoin bull market would have been necessary.

Asian money enters the fray

As things stand, the price is recovering nicely, and with the approval of spot ETFs for both $BTC and $ETH in Hong Kong today, a further upside surge could well be on the horizon. While what is happening with the Bitcoin ETFs in the West gets all our attention, there are much bigger bitcoin moves that happen in Asia. With Hong Kong entering the Spot Bitcoin ETF arena, a tsunami of funds might be expected to start flowing into $BTC.

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Tie this together with the halving, which is expected to take place this coming Friday, the most epic movements in the bitcoin price could occur. The bull run is about to start in earnest. Being out of bitcoin and in the bank is probably the worst position to be in. Educating oneself on the coming financial revolution is of absolute necessity.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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