Bitcoin moved below $9,000 on Friday. A bullish pattern is developing in the macro-perspective. BTC could plummet to $8,400 or lower in the near term.
In the last few hours, bitcoin moved below $9,000. Now, it seems like BTC could be bound for a further downward push.
Bitcoin Technical Analysis
In the macro-perspective, bitcoin is still bullish despite the recent downturn. MindTrader, a well-known technical analyst, told CCN that he is “100% bullish on the market.”
This could be related to the bull flag that has been developing on BTC’s 1-day chart since Mar. 26. The upswing that took BTC to nearly $14,000 formed the flagpole. Meanwhile, the current consolidation phase it entered Sept. 26 is forming the flag.
This technical pattern estimates a breakout in the same direction of…