#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Bitcoin's recent price action has sparked market attention, with technical analysts pointing to a potential "head and shoulders" pattern on the Bitcoin price chart, which, if completed, would signal a sell-off extending to $75,000. The pattern stems from the initial failed attempt to break above $100,000 in late November, followed by a rapid decline from the all-time high set in the second half of December to $92,000, and a subsequent drop to $97,000, forming the right shoulder. If the price breaks below the horizontal trendline connecting the bottoms of the two shoulders, the bearish head and shoulders reversal pattern would be confirmed, potentially signaling a continuation of the decline to around $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: First, the initial failure to break above $100,000 in November marked the first shoulder formation. Second, the rapid decline from a historical high of $108,000 in the second half of December to $92,000 formed the head. Finally, the recent 5% drop to near $97,000 hints at the formation of the right shoulder. If the sell-off continues and the price breaks below the horizontal trendline (neckline) 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.
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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.
If Bitcoin price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed, 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 in the second half of December to $92,000, forming the head.