#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Bitcoin's recent price action has formed a "head and shoulders" pattern, which analysts believe signals a shift from a bearish to a bullish trend. The formation of this pattern stems from Bitcoin's initial failed attempt to break through the $100,000 mark in late November 2024, followed by a rapid decline from its all-time high of over $108,000 in the second half of December to $92,000, and finally a 5% drop to near $97,000, suggesting the formation of the right shoulder. If the sell-off continues and the price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed, and a break below this level could signal a further decline to around $75,000.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent drop 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, suggesting a shift from a bullish trend to a bearish one. The formation began in late November when Bitcoin first failed to break through the $100,000 mark, marking the first shoulder. Subsequently, Bitcoin prices rapidly retreated from their all-time high of over $108,000 in the second half of December to $92,000, forming the head. The recent 5% price drop to near $97,000 hints at 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 means that Bitcoin prices may continue to fall, and investors need to carefully monitor market developments.
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.
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 has been forming a 'head and shoulders' pattern since late November 2024.
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, with a rapid decline from the all-time high of over $108,000 set in the second half of December to $92,000. Meanwhile, a 5% drop to near $97,000 suggests the formation of the right shoulder.