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According to #BitcoinPlungeNearsHistoricLows Analyst, Bitcoin is facing short-term downside risk.
Bitcoin (BTC), after falling to $60,000 last week and then recovering, still faces the risk of decline.
An analyst states that the data indicates Bitcoin’s short-term downside risk.
Market analyst Yashu Gola notes that, considering both technical indicators and on-chain data, Bitcoin is exposed to short-term downward risks.
Firstly, he pointed out that Bitcoin’s daily chart has formed a classic bear flag pattern. This bear flag formation suggests that BTC’s price could drop toward $56,000.
According to the analyst, this pattern began forming after a sharp decline in the “flagpole” around the $60,000 region. It occurs as the price consolidates within trend lines that are converging after this sharp drop and typically results in another downward move roughly equal to the initial decline.
A clear break below the lower boundary of the flag formation could push Bitcoin down to approximately $56,000, about 20% below current levels in February.
Conversely, if a breakout occurs above the upper trend line at $72,700, it could invalidate the bearish formation.
The analyst also notes that on-chain data reinforces the downward trend.
According to CryptoQuant data, Bitcoin’s whale inflow ratio has risen to a record high of 0.619 from the seven-day average of 0.40 at the beginning of the month. An increase in this metric generally indicates rising selling pressure from whales.
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