Bitcoin price has finalized a head and shoulder formation, leading analysts to forecast a decline to $78,000. Crypto analyst Melika Trader has issued a caution regarding a potential bearish pattern that may be developing for the Bitcoin price. The analyst forecasts that the largest cryptocurrency by market capitalization may plummet to a minimum of $78,000.
The price of Bitcoin is exhibiting a head and shoulders pattern. In a TradingView post, Melika Trader disclosed that the Bitcoin price is developing a complex head-and-shoulders pattern. He noted that the left shoulder and double head had already materialized, while the right shoulder is in the process of formation, indicating that BTC is at risk of experiencing a significant crash once this occurs. In line with anticipated developments, Melika Trader indicated that the Bitcoin price might exhibit a potential false breakout above the resistance level ranging from $87,000 to $88,000. Once that occurs, the analyst anticipates a significant decline, with BTC potentially falling to a low of $78,000, marking the initial support zone.
The Bitcoin price has surged past the $90,000 mark, driven by the US Dollar’s decline to new lows, and has continued to reach new highs, fostering optimism that it could soon reclaim $100,000. It is conceivable that BTC may ascend to a peak of $98,000 prior to experiencing any significant correction.
Crypto analyst Ali Martinez disclosed that on-chain data indicates the forthcoming significant resistance zone for the Bitcoin price lies within the range of $95,600 to $98,290. The range serves as a significant supply barrier, with 1.65 million addresses acquiring 1.09 million BTC in that vicinity. The forthcoming trajectory of Bitcoin hinges on the decision-making of these holders regarding whether to retain or liquidate their coins upon reclaiming this range.
However, it is worth noting that crypto whales are actively accumulating BTC, which is bullish for the Bitcoin price. Martinez disclosed that more than 17,000 BTC have been withdrawn from exchanges in the past week.
Crypto analyst Titan of Crypto has forecasted that the Bitcoin price may soon surge to as much as $137,000, establishing a new all-time high (ATH) for the premier cryptocurrency. He stated that BTC has finally broken out of a bull pennant, with two strong consecutive daily bullish candles, confirming this move. The analyst indicated that the anticipated target is $137,000, contingent upon the confirmation of this bull pennant.
Crypto analyst Egrag Crypto indicated that a daily close above $93,000 will send a strong bullish signal, while increasing the likelihood of BTC rallying above $100,000. He asserted that any concerns regarding retracement will be dispelled if the leading cryptocurrency closes above $103,000.
Currently, Bitcoin is priced at approximately $93,000, reflecting an increase of more than 5% over the past 24 hours.