Bitcoin, the world's largest cryptocurrency, has formed a bull flag pattern on its daily chart, a technical indicator that suggests strong upward momentum and potentially signals the start of a post-halving bull run. This development has caught the attention of analysts and traders, who believe it could lead to a further climb upward, with some predicting a potential price target of $100,000.

The bull flag pattern is a technical chart pattern that forms when a cryptocurrency's price consolidates after a strong upward move, creating a flag-like shape. This pattern is often seen as a sign of a continuation of the upward trend, as it indicates that the cryptocurrency is taking a breather before resuming its climb.

Analysts are bullish on Bitcoin's prospects, citing the strength of the bull flag pattern and the cryptocurrency's recent performance. "Bitcoin is forming a bull continuation pattern on the daily chart, which is a strong bullish setup," said Denis Baca, financial analyst and head of product at Zivoe. "This pattern suggests more upside, and with declining volume indicating a pause before potentially shooting towards $100,000, the outlook is positive."

However, not everyone is convinced that Bitcoin will continue its upward trajectory. Some analysts caution that a significant catalyst is needed to drive the price higher, and that the cryptocurrency may face resistance at higher levels. "While the bull flag pattern is a positive sign, we need to see more buying pressure to sustain the upward move," said Andrey Stoychev, head of prime brokerage at Nexo. "Without a significant catalyst, Bitcoin may struggle to break above $65,000."

Traders should also keep an eye on the $65,000 level, as a move above this could liquidate over $500 million worth of cumulative leveraged short positions, according to Coinglass. This could lead to a short squeeze, where traders who bet against Bitcoin are forced to cover their positions, driving the price even higher.

Overall, the formation of a bull flag pattern on Bitcoin's daily chart is a positive sign for the cryptocurrency, suggesting that it may be poised for further gains. However, traders should exercise caution and keep an eye on market developments, as the crypto market can be volatile and unpredictable.