Bitcoin price seems to have found its stable footing at $29,100 after a  recent flash crash below it. This quick recovery and retest will be a  testament to the bulls’ power and determine the next course of action  for BTC.

The pattern contains a massive downswing known as “flagpole” followed by  a consolidation phase known as “flag.” A breakout from this coiling-up  often results in the price continuing its descent, which is why the  setup is referred to as the continuation pattern.

Bitcoin price to provide temporary gains

Bitcoin price created a bearish continuation pattern known as a bear  flag between November 2021 and April 2022. After a brief consolidation  in late April, BTC triggered a breakout from the setup, triggering a  massive sell-off.

The pattern contains a massive downswing known as “flagpole” followed  by a consolidation phase known as “flag.” A breakout from this  coiling-up often results in the price continuing its descent, which is  why the setup is referred to as the continuation pattern.

This technical formation forecasts a 46% downswing, determined by adding  the flagpole’s height to the breakout point. On April 22, BTC breached  the flag’s lower trend line at $40,032, forecasting a target of $21,584.

So far, the post-FOMC volatility combined with the LUNA-UST debacle has  stirred the market and caused it to crash violently. As a result, BTC  dropped to $25,333, taking altcoins with it. However, the recovery of  Bitcoin price seems to be going well as it is back above the $29,100  support level.

If bulls can manage a successful retest, it will reveal that a further  uptrend is likely. In such a case, investors can expect a move to  $35,100. This uptrend would constitute a total of 17% gain and is likely  where the upside is capped.

Today Bitcoin price Around $30450.

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