Bitcoin Price Forms Head And Shoulders Pattern, Analyst Forecasts Drop to $78,000
Crypto analyst Melika Trader has identified a potential bearish head-and-shoulders pattern forming for Bitcoin, predicting a possible drop to $78,000. Key points include:
- Formation of left shoulder and double head; right shoulder is developing.
- Possible fake breakout above resistance at $87,000 - $88,000 before a significant decline.
- Current Bitcoin price stands at approximately $93,000, having recently surpassed $90,000.
Ali Martinez highlights that the next major resistance for Bitcoin lies between $95,600 and $98,290, where 1.65 million addresses hold 1.09 million BTC. The behavior of these holders will influence Bitcoin's trajectory.
Despite bearish signals, whale accumulation is occurring, with over 17,000 BTC withdrawn from exchanges in the last week.
Titan of Crypto predicts a potential rally to $137,000 if Bitcoin confirms its breakout from a bull pennant. Egrag Crypto notes that closing above $93,000 could signal a bullish trend towards $100,000, with further gains expected if it exceeds $103,000.
