Bitcoin has been pretty boring in past weeks, but this should change very soon. I am still expecting a last drop to 58k, but then a huge pump to 88k! Why? First of all, I think Bitcoin has been consolidating in this bearish flag for many weeks, and bearish flags are in general negative patterns for the price. There is a much higher probability of going down. So many traders have their stop-loss places below the bear flag, so what we want to see is a liquidity sweep! We want to see all traders get stopped out below this flag, and guess who will be buying? Whales. You sell, while whales take your Bitcoin or futures contracts. Also, many futures traders will open a short position because they will think that we are going to go down to 50k or lower.
Why is 58k a strong support? We have 2 extremely strong confluence here – 200 weekly MA and the 0.618 FIB of the previous bull market (2022 – 2025). In February 2026, Bitcoin front-ran these 2 levels, which is weird. This to me looks like a false start of an uptrend – we still didn’t see the capitulation phase.
But right now Bitcoin is going sideways. We can still touch the downward-sloping trendline from the all-time high level before dropping lower.
Let me know your thoughts! Trading is not hard if you have a good coach! I am very transparent with my trades. Thank you, and I wish you successful trades!