Technical analysis of Bitcoin’s chart shows three separate bearish flag formations on the daily candlestick timeframe. The first is a small bearish flag, the second is a medium bearish flag, and the third is a larger bearish flag that is currently developing around the current trading range.
Elliott Wave count places Bitcoin’s entire price action since October in an ABC corrective pattern, with wave B now complete. That reading puts the Bitcoin bear market about 70% done, but the most painful portion is still ahead.
Bitcoin Price PredictionThe ultimate prediction is that the current Bitcoin correction will continue to play out for months in a defined path. The first major level in the roadmap is the lower boundary of the bearish flag, with the $71,000 region standing as the important level here. A breakdown below $71,000 would add strength to the bearish setup and could expose Bitcoin to another move to the previous early February low around $63,000.
