Bitcoin Technical Analysis: Bear Patterns Emerging Below $90K

2026-01-23 12:20:49

Source: CryptoDaily Original Title: Bitcoin Technical Analysis January 23: Lingering Under $90K – Surge Hopes Fading or Just Paused? Original Link:

Price Consolidation Below $90K

Bitcoin is currently consolidating below $90,000, with recent price movements confined to a $3,000 range. The question remains: is this the calm before a significant move, and in which direction?

Potential Bear Pennant Formation

On the 4-hour timeframe, a bear pennant pattern appears to be developing. If this pattern breaks down, Bitcoin could decline to $80,000, which aligns with the lowest point of the current distribution movement. The price action is currently at the pennant’s lower boundary, and a confirmed breakdown would be significant for holders.

Double Bottom Scenario

Bitcoin has already broken through the ascending triangle with confirmed downside movement. If the bear pennant breaks down with its measured move target, the price could reach just below $80,000. This level corresponds horizontally with the swing low of the entire corrective move, potentially forming a double bottom—a bullish reversal pattern that could support the next rally.

Larger Bear Flag Risk

The most significant pattern currently playing out is a bear flag. The last rally to $98,000 retested the flag’s upper limit, and price has since retreated to the lower boundary. If this pattern completes with its measured move, Bitcoin could decline to approximately $55,000, representing a 56% correction from the peak—notably less severe than previous bear markets.

Conclusion

These scenarios are speculative and based on probability analysis. Multiple bearish patterns are in play, but the direction of the next major move remains uncertain. Market participants should await clear directional confirmation before making significant decisions.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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