Bitcoin’s price has bounced back from $6.5K, after finding support on the descending trendline. Currently, it sits in a neutral range between $6.8K and $7.8K, looking for a decisive move to either side. For reference, price is down 20% from last month, although it still boasts a 108% increase from the cyclical bottom in February.

It is precisely this volatility which crypto markets are infamously known for and for this reason, it is not farfetched to suggest Bitcoin will reach $10K by end of year. This would require a 35% increase from today’s price, which is not impossible (however unlikely).

From a high time frame perspective, price can be seen to be consolidating from the rapid expansion since February. As long as price continues to stay within the limits of the flag, bulls can remain calm in expectation of the next leg up.

However, it price breaks below the channel support it would suggest the market still considers Bitcoin to be overvalued. Following this, price would likely test the previous control zone between $6.1K and $6.8K, a critical pivot point indicating whether bulls or bears are in control of the price.

Breaking above the flag’s upper trend line might prove difficult for Bitcoin because it would equally have to break and consolidate above the 50 (green) and 100 (yellow) daily moving averages, where a lot of sell order can be expected. If successful, the final test before $10K would be breaking above the 200 daily moving average, which has proved to show strong resistance in the past.