Bitcoin ‘head and shoulders’ pattern risks $80K BTC price dip — Analyst

Bitcoin (BTC) still risks falling to $80,000 in a bull market correction, the latest prediction from a popular chart analyst warns.

In X posts on Dec. 26, Chartered Market Technician Aksel Kibar revealed a BTC price target near old all-time highs.

BTC price teases uptrend reversal pattern

Bitcoin has failed to recover $100,000 support over the past week, and downside BTC price targets range from $90,000 to as low as the mid-$60,000 range.

For Kibar, the reality could lie somewhere in the middle.

Analyzing daily timeframes, he flagged what could become a head-and-shoulders pattern — a classic feature marking an uptrend breakdown.

“Breakout from the broadening chart pattern that completed on $BTCUSD… the pullback can take place with a possible short-term H&S top. (IF) the right shoulder becomes better defined…,” he commented.

“Keep this possibility on your watchlist.”

Another post mapped out how low BTC/USD could go should such a scenario play out.

Kibar added:

“If the pattern acts as a H&S top, the price target is at 80K. This can be the pullback to the broadening pattern that completed with a breakout above 73.7K.”

Responses to the analysis suggested that the majority believes that the correction could not end up being so deep — something Kibar said reinforced his position.

Bitcoin whales hint at bull market return

Meanwhile, Bitcoin bulls have yet to gain sufficient momentum to fend off snap rejections at levels such as the 21-day simple moving average, currently at $99,425. 

Related: BTC price risks $20K crash: 5 Things to know in Bitcoin this week

News of erroneous TradingView data showing Bitcoin market dominance at 0% caught traders’ attention during a Boxing Day sell-off.

However, despite the lack of bullish progress, there are signs of a crypto market comeback.

“After the post-Christmas market-wide dip, crypto markets are seeing an encouraging trend of whales moving stablecoins to exchanges,” research firm Santiment revealed in its latest analysis uploaded to X on Dec. 27.

Referencing one of its proprietary analytics tools, Santiment described monitors as “being dominated by stablecoin deposits to exchanges.”

“Though it’s not a guarantee that these whales plan to put this dry powder to use right away, consider this a bullish sign as 2024 sees its final days,” it concluded.

As Cointelegraph reported, the US spot Bitcoin exchange-traded funds (ETFs) squeezed out a net inflow day after four “red” days where net outflows passed $1.5 billion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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