Bitcoin, Technical Analysis – H4

There are two sides to the current Bitcoin outlook. The bearish development is that price action is progressing toward the completion of a large $15,000 bear flag pattern. A full breakout would target the $50,000 region. The constructive aspect is that such a move would deliver a significant discount accompanied by widespread capitulation and pessimism — classic conditions for forming a major market bottom.

Local support exists around $62,000, but depending on its strength at this stage is highly risky.

Key Levels:

□ $62,000 — nearest support

□ $61,000 – $60,000 — next support cluster

□ $50,000 — major downside target (bear flag projection)

Primary Scenario:

Decline through $62,000 toward the $61,000–$60,000 zone, with potential extension to $50,000.

Alternative Scenario:

Dead cat bounce from the $62,000 level.

Analyst Commentary:

The technical picture remains clearly bearish. There are currently no visible drivers that would allow bulls to successfully defend the $60,000 area. A decisive break below $62,000 would likely intensify selling pressure.