Bitcoin Price May Dip Below $88,000 as Bear Flag Pattern Develops

Analysts are warning that Bitcoin’s price could fall below the $88,000 level if key support levels are broken. A bear flag pattern is currently forming on the daily chart, indicating a potential drop in value, and traders warn of further declines exceeding $97,500 if this support is breached. The formation of this bearish pattern comes after Bitcoin price bottomed around $103,530 on October 11th. The consolidation has persisted over the last week, with the price continuously retesting the support line of the flag, currently at $107,500.