PANews reported on May 12th that according to Cointelegraph's analysis, Bitcoin's recent rise conforms to the "bull flag" pattern on the weekly chart, which is a bullish continuation pattern. Currently, the target price for this pattern is predicted to be $150,000. Technical indicators also show positive signals, with the weekly RSI rebounding above 65, indicating increased buying pressure. Bitwise Research Head André Dragosch warned that Bitcoin market sentiment has reached its highest level since November 2024, and this optimism could trigger a short-term pullback. At present, the daily RSI shows an overbought risk, with the next support level around $100,000. If it breaks below this level, it may test the 20-day Exponential Moving Average (EMA) near $97,385.
