According to Mars Finance, market analyst Roman reports that Bitcoin's current price action has formed a bearish flag pattern, with a target price of $76,000, and potentially even a drop to $50,000. Since rebounding from a recent low of around $80,000, Bitcoin's price has fluctuated within an upward channel but failed to break through key resistance, indicating a lack of upward momentum. Roman points out that Bitcoin rose 750% from its bear market bottom of $15,600 in 2022, suggesting the current bull market may be over and advising investors to prepare for the next bull run. He also notes that technical indicators such as the Relative Strength Index (RSI) are releasing bearish signals in the long term. On the other hand, trader Luca believes Bitcoin still has hope in the short term, with its price currently above a bullish support zone. If it can successfully hold this support zone and rebound, the medium-term outlook may turn bullish again.
Analysis: Bear market signals are emerging; Bitcoin is expected to fall to $76,000.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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