Bitcoin Bear Flag Points to $54,000, Analyst Who Called October High Warns
A bear flag pattern on Bitcoin's daily chart suggests a potential drop to $54,000, according to the pseudonymous trader Doctor Profit, who correctly called BTC's October all-time high.
A pseudonymous trader known as Doctor Profit, who accurately predicted Bitcoin's all-time high in October, now warns that a bear flag pattern on the daily chart could drive the price down to $54,000.
Bitcoin is currently trading around $64,000, facing headwinds from a hawkish Federal Reserve, rising bond yields, and concerns about Strategy (MSTR). The bear flag, a continuation pattern that typically signals further downside after a sharp decline, has formed on the daily timeframe. Doctor Profit stated on X that his target is a dump to the $54,000–$56,000 region first, followed by sideways movement and then another leg down before a bottom is reached.
For cryptocurrency traders, this technical setup adds to the already cautious sentiment. A break below the flag's lower trendline could trigger stop-losses and accelerate selling, especially if macro conditions remain unfavorable. Live crypto prices and charts on NowPrice show how the market is reacting to this pattern in real time. The key levels to watch are the $60,000 support and the $54,000–$56,000 zone. A failure to hold $60,000 would increase the probability of a move toward the analyst's target. Conversely, a breakout above the flag's upper boundary would invalidate the bearish thesis and could lead to a recovery toward $70,000.