Pseudonymous analyst Doctor Profit, who correctly called Bitcoin’s $126,000 peak and the subsequent sell-off, warns Bitcoin (CRYPTO: BTC) is forming a bearish flag pattern that could send price down to $54,000, with spot ETFs already bleeding $5.9 billion over six straight weeks of outflows.
Doctor Profit Says The Pole And Flag Point To $54,000 Before A Deeper Bottom
Doctor Profit identified the drop from May’s $82,000 high to under $60,000 by June 5 as the flagpole, with the bounce to $68,000 forming the flag itself.
A break below the flag’s lower boundary typically produces a move roughly equal in size to the original decline.
“Bitcoin is now forming a massive bearish flag on the daily timeframe,” Doctor Profit wrote on X.
