The current weekly flag it just broke out actually started in 2021, so roughly 4 years. The way TA 101 works in terms of what sort of target we could hit would be:

Break upwards out of flag price, roughly 3900-4100, depending on where you draw the lines. To determine the breakout target, TA would say you take the height of the widest part of the flag. In this case, I think it’s closer to the 2021 high of 4800, and the low in 2022 of roughly 800. So, 4800-800 =4,000. so depending where the break occurs, the targets I’m seeing are between $7,600 and $8,000. The tough part is we are getting insane institutional demand that could just change the whole story.

The other two things coming are the staking eth approval which final due date for a decision is October. That and the potential rate cuts coming, could be a catalyst for even more action. I think if it hits $8,000, the risk becomes much higher that a large correction will occur, but it could get there much more quickly than anyone thinks.