Analyst Predicts Bear Flag for Bitcoin: Price to Dip to $26k Next Week?
Elena R11 Aug 20231 min read
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?
