As the daily chart continues to form a bear flag pattern, Bitcoin has a new target of $76,000.
Key points:
Bitcoin has new price targets of $76,000 and $50,000 in the next phase of its major correction.
A trader claims the bull market is "over" and points out multiple bearish divergences.
The bull market support band for Bitcoin provides short-term hope for the current corrective rebound.
According to trader Roman in his latest analysis shared with his X followers on Thursday, Bitcoin's price is expected to drop another 17%.
Since its recent local low near $80,000, Bitcoin/USD has shown weak rebounds and is instead trading within an ascending channel.
This could evolve into a typical bear flag, which is a corrective rebound within a larger downtrend, followed by new lows.
"Let the drop to $76,000 begin. Bearish divergence + bearish price action proves their worth," Roman commented, accompanied by a chart showing price, volume, relative strength index (RSI), and moving average convergence/divergence (MACD) data.
The post noted that while macroeconomic catalysts have pushed stocks higher, they have failed to influence price behavior in the crypto market. Even a decline in U.S. interest rates is not enough to expect relief.
"Bitcoin has risen 750% from the macro low," Roman stated, referring to the bear market bottom of $15,600 in 2022.
For most of 2025, Roman warned that the bull market will collapse, especially as the RSI has given bearish signals on longer-term cycles.
The broader crypto trading community has also noticed this bear flag, with Ted Pillows comparing it to price behavior in 2022.
The resemblance between the $BTC current cycle and the last cycle is truly shocking. If this plays out, a pump to $100,000 and then a dump below $70,000. pic.twitter.com/ulJ6yu1uHZ
In the short term, others are seeing some signs of slight improvement.
Trader Luca pointed out that on the daily chart, the price is now above Bitcoin's bull market support band.
The support band formed by the 21-period simple moving average (SMA) and the 20-period exponential moving average (EMA) typically acts as a safety net during bull market corrections.
According to Luca on Thursday to his followers on X: "If the price can bounce from this support band, the mid-term outlook will again clearly turn bullish."
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin/USD is currently attempting to complete its fourth daily close above this support band. This would be its longest duration above it since early October.
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Original article: “Bitcoin (BTC) New Year Bear Flag Pattern Emerges, Next Target May Point to $76,000”
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