Bitcoin (BTC) is eyeing a new target of $76,000 as it continues to show bearish flag patterns on daily charts.
Highlights:
- Fresh targets set for Bitcoin’s ongoing correction at $76,000 and $50,000.
- One trader asserts that the bullish market phase has ended, highlighting bearish divergences.
- Bitcoin’s critical support offers some hope for short-term recovery.
Trader Highlights Market Condition
In his latest observations, trader Roman warned his X followers that a further decline of 17% in BTC prices might be imminent. Following recent local lows near $80,000, BTC/USD has struggled to recover and trades within an ascending channel.
This pattern raises concerns of a potential bear flag, suggesting a temporary rebound amid larger downward pressures.
‘Let the drop to 76k begin. Bear divergences and bearish price actions are revealing their impact,’ Roman noted, sharing charts that outline price movements against various indicators like volume and the RSI (Relative Strength Index).
The broader market’s macroeconomic influences have uplifted stock prices but have yet to affect cryptocurrencies, indicating lower U.S. interest rates may not provide the anticipated support.
‘Bitcoin surged 750% from the macro lows,’ Roman cited regarding the previous bear market bottom at $15,600.
‘The bull run is over. Your best option now is to strategize for the next surge when we near 50k.’
Throughout 2025, Roman cautioned about an approaching collapse of the bull market, especially with RSI showing bearish signals over extended timelines.
Community Reactions
The crypto trading community has also recognized the bear flag phenomenon, with trader Ted Pillows drawing parallels to 2022’s price actions.
‘The similarities between the current BTC cycle and the previous one are astonishing. If this scenario unfolds, expect a surge to $100,000 followed by a downturn below $70,000.’ — Ted (@TedPillows)
Efforts to Sustain a Bounce
On a positive note, some traders perceive slight improvements. Trader Luca observed that at least one daily candle has closed above Bitcoin’s bull market support band. Formed through the 21-period simple moving average and 20-period exponential moving average, the support band is traditionally a safe zone during bullish corrections.
‘If the price can sustain above this support band, the medium-term outlook may return to being bullish,’ Luca explained to his followers on X.
BTC/USD is currently on course for the fourth daily close above this crucial support, according to data from Cointelegraph Markets Pro and TradingView.
This article does not provide investment advice or recommendations. All investments carry risk, and it is recommended that readers conduct their research when making financial decisions.
