Bitcoin Bear Flag Alert: Massive Dump Coming?

**Deezy** (0:00)
Well, the bears were right, the bear flag on Bitcoin has broken down. So we're going to look at some future levels for Bitcoin's price. Because there are some analysts out there saying this bear flag pattern is going to take Bitcoin all the way down to $54,000.
And other analysts have even scarier targets. So others are saying this bear flag, no, it has taken us below $40k into the $30k. So what are my thoughts on this bear flag pattern, and what are the next levels that I am paying attention to? Now, the first thing that I'm looking at here is we knew this was going to drop, we gave you the levels, and we even shorted this on the way down. There is a double confluence equaling a drop. So this is going to give us double confirmation that things we're looking for are correction. First thing, we're looking at this parallel range, you go all the way back here, you see this exactly where the last local low that we had, where we ended up bouncing, one, two, three, four, five, a lot of interaction with this range. And so 65, 800, we've been giving you this level for a while, but that wasn't it, there's also this on the parallel range. We're going to switch to the four hours and go back to the larger timeframes. If you keep extending this four-hour parallel range, look at that right there. So we ended up getting a little bit of a short end, but we have closed the short. So out the gate, we knew double confluence. You know, we're seeing a lot of factors that we're going to push Bitcoin's price lower. But let's talk about $54,000. Are we going to see a $54K Bitcoin? Now, I go to tell you what's scary about $54,000 is there actually is a level we have been watching for the next leg down, and that's right at $54,800.
And if you look at the weekly candles, this is, you know, macro time frames here, you can see the last area where we had a weekly close and a weekly open before Bitcoin went on its next leg of the huge, huge bull run, it was right there at $54,800. So there is a world where you can see a $54,000 Bitcoin, but before $54K, I am watching another level. And this is also another level that we've been looking at for a while. And this one's also a little bit scary. This is just going to be that wick low that we saw February 6 Now we come back down, I do expect maybe a little bit of a pierce, kind of what we saw right here, where we, you know, trap some of these traders that are maybe a little bit over leverage, force them to close their positions, and then hopefully resume the next part of the journey into Valhalla, aka the bull run. But before we talk about this bear flag breakdown, let's look at the other bear flag. So one of the things I want to point out was the starting RSI. Now, when you get down to the bottom of the range, normally you're going to dip well below on the RSI, and I can move over to the right side so you can see all of them. You can see, you know, we dipped into massively oversold on the daily timeframe. We're going to go the two day here because a little bit cleaner.
Went into oversold.
Go to the other start of this bear market or this bear flag here. What do you also see? We went into oversold. And if you look at the start of this one right here, we went into oversold. So is there a chance that this bear flag is a real bear flag? And that means another level to the downside? Well, the RSI is showing a lot of similarities, but let's go ahead and measure this move. Now, I think there is going to be an argument this bear flag might change shapes. We might see it look a little bit something like this. Maybe it's going to hit at the top of this range. Maybe it just chops around for months and months, like we've seen in some of these other bear flags. But we do have some targets. And the way you would measure a bear flag, you're watching this channel, you know, we like to cover this. I like to teach you guys all the TA here.
If you look at the bear flag breakdown, where we lose the bear flag, well, what do you know? That's basically what we see right here. That kind of predicted how far we were gonna head lower. So let's look at this one now. So you can see we have the pole.