BTC forming 'bear flag,' could fall to $54K, analyst says

Bitcoin is forming a bear flag pattern on its daily chart, CoinDesk reported, citing crypto analyst Dr. Profit. He predicted this could lead to an initial drop to the $54,000–$56,000 range, with the price ultimately bottoming out between $40,000 and $50,000. The analysis is based on the decline from a May high of $82,000 to under $60,000 in June, followed by a recent rebound to $68,000. CoinDesk also noted that recent activity in the options market shows increased buying of put options with a $52,000 strike price, suggesting expectations of a short-term decline.