Bitcoin (BTC) continues to hover between the $90,000 and $100,000 mark, yet analysts are raising alarms about a potential correction driven by a bearish ‘head and shoulders’ pattern appearing on the daily chart. This pattern could signal a troubling drop in Bitcoin’s price, with some experts warning it could fall as low as $80,000.
Renowned analyst and trader Aksel Kibar recently expressed his insights on X, revealing his concerns over the current BTC price action. He highlighted the emergence of a possible head and shoulders pattern, which could indicate a significant price decline if it fully develops. Kibar noted, simply spotting this pattern isn’t enough; it must lead to a breach of the neckline for a serious pullback to materialize. He mentioned the possibility of this pattern failing, especially in a strong uptrend where prices are soaring above the long-term average.
Other analysts echo these concerns. Technical expert Ali Martinez identified $92,730 as a critical threshold for Bitcoin. He warned that slipping below this level could send BTC into what he describes as “free fall territory,” referencing the UTXO Realized Price Distribution (URPD), which helps analysts gauge market shifts based on the behavior of unspent transactions.
Adding to the caution, former Wall Street trader Tone Vays cautioned that Bitcoin trading below $95,000 could lead to dire consequences for the digital currency. Along similar lines, well-known trader Peter Brandt pointed out that Bitcoin could drop to $70,000 if it breaks down from a broadening triangle formation.
Despite these cautious predictions, some personalities in the crypto community remain hopeful. Fundstrat Capital’s Thomas Lee projected that Bitcoin might reach an astonishing $250,000 by 2025, although he acknowledged a potential retreat to $60,000 early next year before a robust bull run could commence.
Long-term optimism seems to be a shared sentiment among various analysts. Crypto asset manager Sygnum believes Bitcoin might experience demand shocks as institutional interest in the cryptocurrency intensifies, potentially driving prices upward. Recently, Ali Martinez pointed out the formation of a ’cup and handle’ pattern on Bitcoin’s chart, which, if it unfolds, might spark a renewed bullish trend for the asset.
As of now, Bitcoin trades at $94,149, marking a 2.5% decrease in the past 24 hours. Market watchers are on high alert as they scrutinize these patterns and price levels, looking to gauge where Bitcoin’s next moves may lead. The tension in the crypto space is palpable as both optimism and caution collide in the ever-changing narrative of Bitcoin’s future.