The Bitcoin price level to watch as the "bear flag" pattern aims for a target of $97,000.

The price of Bitcoin is forming a classic bearish pattern on lower timeframes, raising concerns that the crash could lead to a drop to $97,000.

Breakout to the target of 97,000 dollars

The price of Bitcoin is forming a clear "bear flag" pattern on the 4-hour chart - a continuation pattern that is often seen when the price temporarily consolidates in an upward parallel channel, after a strong decline.

In the current situation, the pattern began to form after Bitcoin hit a low around $103,100 on May 31. Since then, the price has continued to move within a narrow range and continuously retest the lower support area of the flag – indicating that the consolidation trend is still ongoing throughout the weekend.

A bearish confirmation signal will appear if the price breaks below the support line of the flag, currently around the 104,800 dollar mark. If this scenario occurs, the technical model predicts the next target price could fall around 97,690 dollars – calculated by adding the height of the previous flagpole to the breakout point from the model.

BTC/USD 4-hour price chart | Source: TradingViewMomentum indicators, including the Relative Strength Index (RSI), also support, with the RSI currently at 44, indicating that market conditions still favor a bearish trend.

Keep an eye on this Bitcoin price in June

According to data from TradingView, the BTC/USD pair has fallen by about 6.3% from its historical peak of over $111,000.

Although Bitcoin just closed May with a growth of over 11%, market sentiment is still not truly stable as many traders begin to raise big questions about the next trend. Historical statistics show that June often brings unpredictable volatility – with an average return of -0.3%, reflecting the divergence in price behavior during this period.

Monthly profit of Bitcoin | Source: CoinGlassAccording to analyst Daan Crypto Trades, the average price range around $99,600 and the previous historical peak at $108,000 are two important technical benchmarks to watch in the first week of June.

"This week is likely to be quite sluggish, but any time it reaches the upper levels could mark a short-term reversal," Daan commented in a post on June 1 on platform X (formerly known as Twitter).

The attached chart shows that if Bitcoin breaks through the $108,000 threshold, the upward momentum could extend to the historical peak of $111,900 – where significant selling pressure is expected to emerge, potentially causing the price to reverse back to the old trading range.

On the contrary, if the price breaks below the 99,600 dollar mark, the BTC/USD pair may continue to fall deeper, with the important support area located at the 200-day simple moving average (SMA 200) – currently around the 97,600 dollar level.

"I don't see a clear trend in any direction right now, so my strategy is to be flexible and react according to market developments," he added.

Daily BTC/USD chart | Source: Daan Crypto TradesIn a post on June 2nd on the X platform, analyst AlphaBTC stated:

"Bitcoin seems to have started a deeper correction, with the possibility of extending into the second week of June."

According to him, the "bear" pattern that appears on the 4-hour chart is in effect, and if the decline continues, BTC may retreat to the demand zone around $102,000. In case this support level is breached, the opening level of the year — nearly $92,000 — will become the next observation zone.

"The question is: What will happen when the price approaches the $92,000 mark?", AlphaBTC raises the issue, while suggesting that this area could create potential buying opportunities if the demand is strong enough, thereby opening up the possibility for sustainable recovery and continuing the journey to explore new peaks.

However, he also warns that if macro factors such as trade tensions continue to escalate, selling pressure may increase and push Bitcoin prices deeper — with the next target around the $85,000 mark, as shown in the accompanying analysis chart.

BTC/USD 4-hour chart | Source: AlphaBTCAs mentioned earlier, Bitcoin traders are focusing on analyzing weekly and monthly closing levels to look for clues about the next trend of BTC price. In the context of the current volatility, two important psychological levels – $100,000 and $97,000 – continue to be key price areas that investors are particularly interested in.

Minh Anh