2025-02-02 18:00:32 by NewsBTC

The Bitcoin price has shown some level of resilience above $100,000 in the past few weeks, weathering the storm of uncertainty that came with Donald Trump’s inauguration and the launch of the Chinese AI platform DeepSeek. However, a prominent analyst on the social media platform X has come forward with a worrying prediction for the premier cryptocurrency. BTC Price Breaks Below Bear Flag Pattern — $98,000 Next? In a February 1 post on X, popular crypto pundit Ali Martinez shed light onto an interesting flag pattern the Bitcoin price has been trading inside. According to the analyst, the flagship cryptocurrency could see its value plunge below the $100,000 mark over the coming days. The rationale behind this bearish forecast is the formation of a bear flag pattern on the 30-minute Bitcoin price chart. A bear flag is a pattern used in technical price analysis characterized by an almost vertical price drop (flagpole) followed by a brief consolidation period. This technical analysis is an inverse of the more popular bull flag pattern, which typically suggests a continuation of an upward trend. A bear flag, on the other hand, indicates that a price downtrend is likely to persist. Typically, the upper and lower boundaries of the consolidation range in the flag pattern act as resistance and support, respectively. Hence, it is essential to wait for a successful break beneath the consolidation for the confirmation of the bearish signal. Source: Ali_charts/XAs shown in the chart above, the Bitcoin price has broken beneath the lower boundary and could be on its way to $98,200. According to Martinez, this bearish setup could be invalidated if the premier cryptocurrency jumps towards $102,800. While dropping to 98,200 doesn’t do well for the bullish case of Bitcoin, the market leader still stands a chance at recovery from this level. However, investors might need to watch out for the $97,190 zone just beneath it. Source: Ali_charts/XMartinez noted in another post on X that the $97,190 region is one of the most important support levels for Bitcoin price based on investors’ cost basis. With over 1.45 million addresses purchasing 1.36 million BTC at this level, holding above $97,190 could prove pivotal to sustaining the bull market. Bitcoin Price At A Glance As of this writing, the price of BTC sits just beneath the $100,000, reflecting an almost 2% decline in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by over 4% on the weekly timeframe. The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image created by Dall-E, chart from TradingView Opeyemi Sule Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world. 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