Bitcoin new year bear flag sparks $76K BTC price target next
A bear flag pattern on Bitcoin's daily chart suggests a potential drop to $76,000, though short-term support offers some hope.Summary
Bitcoin's price action is currently forming a classic bear flag pattern on the daily chart, signaling a potential continuation of the downtrend with a target of $76,000, according to trader Roman. Roman suggests the overall bull run is over, advising preparation for the next cycle when BTC might land around $50,000, noting bearish divergences on indicators like RSI and MACD, and a failure of macroeconomic catalysts to boost crypto prices. In contrast, some traders see short-term hope, as Bitcoin is attempting to close above its bull market support band (formed by the 21-period SMA and 20-period EMA), which, if sustained, could make the mid-term outlook bullish again. Another analyst compared the current cycle to 2022, predicting a potential pump to $100,000 followed by a dump below $70,000 if the pattern plays out.
(Source：Cointelegraph)