#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Bitcoin's recent price action has caught the attention of the market, with technical analysts spotting a potential "head and shoulders" pattern, suggesting a possible shift from a bullish trend to a bearish one. The formation began with the first failed attempt to break above $100,000 in November, followed by a rapid decline from the all-time high of $108,000 in late December to $92,000, and recently dipping to $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, with a projected decline to $75,000.
Ace Hot Topic Analysis
Analysis
Recently, the Bitcoin price trend has formed a "head and shoulders" pattern, raising concerns in the market. Analysts point out that since late November 2024, the Bitcoin price trend has formed a "head and shoulders" pattern, suggesting a shift from a bullish to a bearish trend. The formation of this pattern stems from three key points: Firstly, the initial attempt to break through the $100,000 mark in November failed, marking the first shoulder formation. Secondly, the historical high of over $108,000 reached in the second half of December quickly retreated to $92,000, forming the head. Lastly, the price decline of 5% to nearly $97,000 suggests the formation of the right shoulder. If the sell-off continues and the price breaks below the neckline (the horizontal trend line 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 implies that Bitcoin prices may face further downside risks, and investors need to closely monitor market dynamics and invest cautiously.
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.
The first attempt to break above the $100,000 mark in November failed, marking the first shoulder.
The all-time high of over $108,000 reached in the second half of December quickly retreated to $92,000, forming the head.