Omkar Godbole, technical analyst at CoinDesk's market team, said that since late November 2024, BTC's movement has evolved into a "head and shoulders" (H & S) pattern among technical indicators, indicating that the bullish trend will shift from bearish to bullish.
Analysts said the failure of the first attempt to break through the $100,000 mark in November marked the first shoulder pattern. This was followed by the head pattern, which quickly retreated to $92,000 from the all-time high of more than $108,000 set in the second half of December. Meanwhile, a 5% decline to nearly $97,000 hinted at the formation of the right shoulder. If the sell-off continues and the price falls below the neckline (the horizontal trend line connecting the bottoms of the two shoulders), the bearish head and shoulder reversal pattern will be confirmed, and a drop below this level could herald a continued decline to around $75,000.
Analyst: Bitcoin's potential "head and shoulders" pattern hints at falling to $75,000
2025-01-07 18:42:00
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