#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Recently, the Bitcoin price trend has formed a "head and shoulders" pattern, raising concerns in the market. Analysts point out that since late November 2024, the Bitcoin price trend has formed a "head and shoulders" pattern, suggesting a shift from a bullish trend to a bearish one. If the sell-off continues and the price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed. Breaking below this level could signal a further decline to around $75,000.
Ace Hot Topic Analysis
Analysis
Recently, Bitcoin's price movement has drawn market attention. Technical analyst Omkar Godbole pointed out that Bitcoin's price action has formed a "head and shoulders" pattern since late November 2024, a bearish technical indicator that suggests a bullish trend is about to reverse to bearish. The analyst believes that the first shoulder was formed when the initial attempt to break through the $100,000 mark in November failed. This was followed by the head, which saw a rapid decline from the all-time high of over $108,000 in the second half of December to $92,000. Meanwhile, a 5% drop to nearly $97,000 suggests the formation of the right shoulder. If the sell-off continues and the price breaks below the neckline (the horizontal trendline connecting the bottoms of the two shoulders), the bearish head and shoulders reversal pattern will be confirmed. A break below this level could signal a further decline to around $75,000. This means that if the "head and shoulders" pattern holds, Bitcoin's price could fall below $75,000. Investors need to closely monitor market dynamics and be prepared to manage risks.
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Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin price action may be forming a 'head and shoulders' pattern, suggesting a bullish trend is about to turn bearish.
Bitcoin price breaking below the neckline (horizontal trendline connecting the bottoms of the two shoulders) will confirm the bearish head and shoulders reversal pattern.
If the bearish head and shoulders reversal pattern is confirmed, Bitcoin price could drop to around $75,000.
Bitcoin price first attempted to break above the $100,000 mark in November, failing to do so, marking the first shoulder formation. This was followed by the head formation, a rapid decline from the all-time high of over $108,000 in the second half of December to $92,000. A 5% drop to near $97,000 suggests the formation of the right shoulder.