#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Bitcoin's recent price action has caught the attention of the market, with technical analyst Omkar Godbole pointing out that the cryptocurrency has formed a "head and shoulders" pattern since late November 2024, suggesting a potential shift from a bullish trend to a bearish one. The formation of this pattern stems from the initial failure to break above $100,000 in November, followed by a rapid decline to $92,000 after hitting a new all-time high in late December, and a subsequent 5% drop to near $97,000, hinting at the formation of the right shoulder. If the sell-off continues and the price breaks below the horizontal trendline connecting the bottoms of the two shoulders, known as the neckline, the bearish head and shoulders reversal pattern will be confirmed, potentially leading to a drop 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 movement has formed a "head and shoulders" pattern, suggesting a shift from a bullish trend to a bearish one. He believes that the first attempt to break through $100,000 in November, which failed, marked the first shoulder formation, 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. The recent drop to near $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. Breaking below this level could signal a further decline to around $75,000. This means that Bitcoin prices may fall further, and investors need to carefully monitor market changes.
Public Sentiment · Discussion Word Cloud
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 set in the second half of December to $92,000, forming the head.