Bitcoin Bears: Analysts Predict Price Drop to $40,000-$50,000

A cryptocurrency analyst, Dr. Profit, known for accurately predicting the peak of the Bitcoin bull market at $126,000, has released a new forecast for the current price action. According to CoinDesk, Dr. Profit believes that Bitcoin is forming a bearish flag pattern on its daily chart.

The bearish flag formation could initially lead to a drop to the $54,000-$56,000 range, followed by sideways movement and another decline, with the bottom potentially near $40,000-$50,000. Dr. Profit notes that this forecast is based on the price action from May's peak of $82,000 to below $60,000 in June, and then the subsequent rebound to $68,000.

On-chain analyst Axel Adler also shares a similar view, stating that Bitcoin has not yet reached its true bottom. He analyzed that Bitcoin's supply structure resembles past cycle lows but fundamental indicators have not yet confirmed a definitive bottom formation.