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Analyst Predicts Bear Flag for Bitcoin: Price to Dip to $26k Next Week?

Published by
Elena R

Bitcoin, the well-known digital currency, experienced a brief surge, surpassing the $30,000 mark earlier this week. However, it encountered some hurdles that hindered its continuous upward movement.

Presently, during the early London session on Friday, Bitcoin is being traded at approximately $29,400. While enthusiasts of Bitcoin are actively working to maintain the price above the $29,300 mark, they hold hope for a potential rise to $34,000. Interestingly, in recent times, certain other cryptocurrencies, namely Shiba Inu (SHIB) and Solana (SOL), have actually outperformed Bitcoin, boasting gains of 20% and 7% respectively.

While the Consumer Price Index (CPI) data on Thursday had a minimal impact on Bitcoin’s price, the focus has shifted to the Producer Price Index (PPI) report released today.

A Look at Bitcoin’s Future Price Action

A highly regarded cryptocurrency analyst, going by the moniker Profit Blue, has garnered a reputation for accurately predicting trading outcomes. According to this analyst, a pattern akin to a bear flag has been taking shape in Bitcoin’s performance over the past few days.

This pattern suggests that it’s less probable for the price to attain the $30,000 mark again within this year. The analyst’s foresight points towards a potential price dip, with figures hovering around $26,500 in the upcoming weeks.

The analyst has pinpointed a crucial range, spanning from $29,500 to $30,200. Should Bitcoin successfully break through this range in the weeks ahead, the anticipated price descent might be averted. Conversely, if the price takes a downturn, the analyst envisions temporary support being established in the range of $28,500 to $28,900.

Also Read: SEC to Decide on Bitcoin ETFs Tomorrow: Is a Bull Run Close?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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