Apr 13, 2025
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Bitcoin Price Could Face Correction to $74,000 Due to Double Top Pattern
The price of Bitcoin experienced significant volatility last week, reaching a six-month low on April 9 before rebounding above $80,000 after U.S. President Donald Trump paused trade tariffs on all countries except China. By late Friday, BTC rose to approximately $83,000.
Potential Price Correction
Crypto analyst Ali Martinez warned of a possible correction due to the emergence of a "double top" pattern on the hourly chart, which typically indicates bearish reversal signals. Key points include:
- A potential drop to around $74,000 if resistance at $84,000 is not broken.
- The formation of a double top could signal trader exhaustion.
- Support around $78,000 is crucial; a close below this level may lead to further declines.
The current Bitcoin price is near $83,800, marking a more than 5% increase in the past 24 hours.
