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Bitcoin price may be headed to $54,000, says analyst who forecast October's all-time high
Key takeaways
- Bitcoin BTC$64,001.76 already has plenty working against it.
- "Bitcoin is now forming a massive bearish flag on the daily timeframe," the trader wrote on X.
- Drawn on a chart, the pattern looks like a flag on a pole that's been flipped upside down.
Rising bond yields. Concerns about Strategy (MSTR). Bitcoin BTC$64,001.76 already has plenty working against it. Now an ominous chart pattern is adding to the uncertainty.
The pattern is called a bear flag, and a breakdown could send the price of the largest cryptocurrency to as low as $54,000 initially, according to pseudonymous trader Doctor Profit, who called BTC's bull-market peak at $126,000 and the subsequent selloff.
"Bitcoin is now forming a massive bearish flag on the daily timeframe," the trader wrote on X. "My target is a dump to 54-56k region first before we move sideways once again and afterwards another leg down and the bottom is close in the region between 40-50k in my opinion."
Article preview — originally published by CoinDesk. Full story at the source.
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