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Bitcoin's ‘bear flag pattern’ targets $67K as BTC spot demand slumps
Bitcoin price action has painted bearish continuation patterns on its daily chart, which may propel BTC to new lows, according to analysts. The BTC/USD pair has formed a bear flag on the daily chart, as shown in the figure below. This bear flag formed following Bitcoin’s drop from $107,000 highs on Nov. 11, and the recent rebound was rejected from the flag’s upper boundary around $93,000. A daily candlestick close below the flag’s lower boundary at $90,000 may open the way for a drop toward the measured target of the pattern at $67,380, or around the 2021 price top. This would represent a 25% drop from the ... (full story)
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