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Bitcoin [BTC]: Here are a few signals that point to a strong possibility of a recovery

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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.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.

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