#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Recently, the Bitcoin price trend has shown a "head and shoulders" pattern, raising concerns in the market. Analysts point out that this pattern suggests a potential shift from a bullish trend to a bearish one, with Bitcoin prices potentially dropping to $75,000. The formation of this pattern stems from Bitcoin's failed attempt to break through $100,000 in November, followed by a rapid decline after hitting an all-time high in late December, and a recent drop below $97,000, hinting at the formation of the right shoulder. If the price breaks below the neckline connecting the bottoms of the two shoulders, the bearish head and shoulders reversal pattern will be confirmed, and Bitcoin prices could further decline to $75,000.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent dip below $75,000 has sparked market attention. Technical analyst Omkar Godbole points out that Bitcoin's price action has formed a "head and shoulders" pattern since late November 2024, suggesting a shift from a bullish to a bearish trend. The formation of this pattern stems from three key points: the first shoulder formed during the initial failed attempt to break through the $100,000 mark in November; the head formed when prices surged to a record high of over $108,000 in the second half of December before quickly retracing to $92,000; and the recent 5% decline to near $97,000 suggests the formation of the right shoulder. If the sell-off continues and prices break 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 implies that Bitcoin prices may face further downside risks, and investors should closely monitor market developments and exercise caution in their trading activities.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin price may be forming a 'head and shoulders' pattern, suggesting a bullish trend is about to turn bearish.
Bitcoin price breaking below the neckline would confirm a bearish head and shoulders reversal pattern, potentially signaling a further 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.
Bitcoin price quickly retreated from its all-time high of over $108,000 set in the second half of December to $92,000, forming the head.