Strategy · Bitcoin · Ethereum · CoinDesk
Bitcoin price may be headed to $54,000, says analyst who forecast October's all-time high
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Concerns about Strategy (MSTR).
Key facts
- Doctor Profit's chart identifies bitcoin's selloff from the May high of $82,000 to under $60,000 by June 5 as the pole and the recent bounce to $68,000 as the flag
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The pattern is called a bear flag, and a breakdown could send the price of the largest cryptocurrency to as low as $54,000 initially, according to pseudonymous trader Doctor Profit, who called BTC's
- Bitcoin BTC $ 64,150.78 already has plenty working against it
Summary
Doctor Profit, a widely followed crypto analyst, said bitcoin is forming a “bear flag” pattern. A breakdown from this pattern could extend bitcoin’s decline, with an initial slide to roughly $54,000–$56,000 and then possibly as low as $40,000–$50,000. Chart pattern interpretations, however, are subjective and can fail. The pattern is called a bear flag, and a breakdown could send the price of the largest cryptocurrency to as low as $54,000 initially, according to pseudonymous trader Doctor Profit, who called BTC's bull-market peak at $126,000 and the subsequent selloff.