Bitcoin is currently forming a bear flag pattern on the four-hour chart, indicating a potential price drop to approximately $97,000. This bearish continuation pattern has traders cautious, especially if Bitcoin breaks below the significant support level at $104,800. If these levels fail, a further decline towards $85,000 is possible, raising concerns among investors. The bear flag emerged after Bitcoin peaked at around $103,100 on May 31, and has seen consolidation since, with the pattern signaling traders to watch key points closely.
Market analysts suggest crucial levels to keep an eye on include the $100,000 psychological barrier and the yearly opening price at $92,000. Key trader Daan Crypto Trades emphasized that the mid-range at $99,600 and the prior all-time high of $108,000 are critical in the near term. A break above $108,000 may lead Bitcoin toward its previous highs; conversely, dropping below $99,600 could see the price retreat further to $97,600.
As traders gauge the market's future, they remain split on potential directions. For instance, analyst AlphaBTC hinted at a broader correction on the horizon, urging caution around the $92,000 area as it could either trigger a rebound or expose the market to further declines. The uncertainty around Bitcoin’s trajectory highlights the necessity for careful evaluation of price action in this volatile climate.
Market analysts suggest crucial levels to keep an eye on include the $100,000 psychological barrier and the yearly opening price at $92,000. Key trader Daan Crypto Trades emphasized that the mid-range at $99,600 and the prior all-time high of $108,000 are critical in the near term. A break above $108,000 may lead Bitcoin toward its previous highs; conversely, dropping below $99,600 could see the price retreat further to $97,600.
As traders gauge the market's future, they remain split on potential directions. For instance, analyst AlphaBTC hinted at a broader correction on the horizon, urging caution around the $92,000 area as it could either trigger a rebound or expose the market to further declines. The uncertainty around Bitcoin’s trajectory highlights the necessity for careful evaluation of price action in this volatile climate.
