Bitcoin Flashes Bear Flag: Chart Patterns Hint at Pain Before Recovery
As the daily chart continues to print a bear flag pattern, Bitcoin has set a new objective of $76,000. For the next stage of its significant decline, Bitcoin has new price goals of $76,000 and $50,000. One trader notes several bearish divergences and declares that the bull market is ended. Short-term optimism for the continuous relief bounce is provided by Bitcoin’s bull market support band, though.
BTC Forms Bear Flag Pattern: Analyst Predicts Major Downside Ahead
On Thursday, trader Roman informed his followers on X that they could anticipate a further 17% decline in the price of Bitcoin. BTC/USD has struggled to recover since its recent local lows around $80,000. Instead, it has been trading inside an upward-sloping channel. With more lows likely to follow, this might turn into a typical bear flag, a relief bounce within a larger downturn. A chart displaying price, volume, relative strength index (RSI), and moving average convergence/divergence (MACD) data was accompanied by his commentary. The post pointed out that while macroeconomic factors have helped stocks rise, they have had little effect on the price movement of cryptocurrencies. Relief is not warranted, even with lower US interest rates.
Let the drop to 76k begin. Bear divs + bear price action proving their worth. The bull run is over. Your best option now is to plan for the next one when we land around 50k.
Roman
Bitcoin Correction Deepens: Long-Term Accumulation Zone Ahead?
Analysts caution that momentum sellers may quicken the slide below the $76,000 goal and maybe into the mid-$50,000 zone if Bitcoin breaks below the lower border of its channel. Short-term holders continue to be significantly underwater. This exacerbates volatility during each pullback and weakens market structure. However, some technical signs indicate that a high-value accumulation zone for long-term investors may eventually be created by any retest of lower levels.
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