Summary
- Bitcoin (BTC) is forming a bear flag pattern, and if the $104,800 support level breaks, it could drop to $97,000.
- AlphaBTC said that if the 4-hour bear flag breaks down, a further decline to $102,000 and even $92,000 is possible.
- If Bitcoin surpasses $108,000, a new all-time high is possible, but it is likely to face strong resistance and could fall again.
Bitcoin (BTC) is forming a bear flag pattern, and analysts say it could drop to $97,000.
On the 2nd (local time), Cointelegraph stated, “Bitcoin’s 4-hour chart is forming a bear flag pattern,” adding, “If the $104,800 support level does not hold, it could fall to $97,000.” The report added, “The current Relative Strength Index (RSI) is also at 44, which supports the downward momentum.”
The media outlet also reported that major analysts back this outlook. AlphaBTC, a virtual asset (cryptocurrency) analyst, said, “Bitcoin has started a larger correction that is likely to continue through the second week of June. If the 4-hour bear flag breaks down, it could fall to $102,000.” He continued, “If that support level fails as well, Bitcoin could drop to $92,000.”
Daan Crypto Trades, another analyst, commented, “If Bitcoin surpasses $108,000, it could set a new all-time high, but given the strong resistance, there’s a high possibility of a pullback.”
As of 5:29 p.m., based on Binance USDT market, Bitcoin is trading at $105,834, up 1.46% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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