A worst-case scenario is now on the table. Some analysts say Bitcoin could fall as low as $41,000 if a bear flag pattern currently forming on price charts plays out — a warning sign drawing attention as the cryptocurrency trades near $66,000, roughly half of what it was worth at its recent high.
Geopolitical Shock Hits At A Bad Time
The closure of the Strait of Hormuz sent oil prices surging this week, rattling global markets and pulling risk assets lower. Bitcoin was caught in the selloff.
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Prices slipped below $66,000 as traders weighed rising energy costs, stubborn US inflation, and fresh stress in the bond market. The timing of the geopolitical flare-up has made an already fragile price setup harder to defend.
A bear flag pattern — a technical chart signal where prices briefly consolidate after a decline before continuing lower — is now visible on Bitcoin’s chart.
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