Analysis: Bear market signals emerge, Bitcoin expected to drop to $76,000
According to ChainCatcher, market analyst Roman stated that Bitcoin's current trend has formed a bear flag pattern, with a target price of $76,000, and it could even drop to $50,000.
After rebounding from a recent low of around $80,000, Bitcoin's price has fluctuated within an ascending channel but has failed to break through key resistance, indicating a lack of upward momentum in the market. Roman pointed out that since Bitcoin surged 750% from the bear market bottom of $15,600 in 2022, the current bull market may have ended, and he suggests investors prepare for the next bull run. He also noted that technical indicators such as the Relative Strength Index (RSI) are sending bearish signals over the long term.
On the other hand, trader Luca believes that there is still hope for Bitcoin in the short term, as its price is currently above the bull market support band. If it can successfully hold this support band and rebound, the medium-term outlook may turn bullish again.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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