Bitcoin could drop to $80,000 based on head and shoulders pattern forming

From Investing.com

December 27, 2024 09:00:27 AM:

Market analyst Aksel Kibar predicts Bitcoin could reach $80,000 based on a head and shoulders pattern forming. $73,700 breakout level is crucial, and pullback tests its validity. Behavioral indicators suggest speculative sentiment may trigger correction. Key support levels at $91,000 and $87,000 must hold to avoid further retracement.

Bitcoin’s future hinges on technical factors and market sentiment. $80,000 downside target possible if H&S pattern persists. Break above $100,000 would negate bearish pattern and signal upward movement. Community confidence may indicate speculative sentiment. Historical trend suggests pullbacks after broadening pattern breakouts.

Bitcoin’s price stability uncertain. Market sentiment and key support levels crucial. $80,000 target realistic in H&S scenario. Correction possible if key support levels fail. Break above $100,000 would negate bearish pattern. Speculative sentiment may influence market movements. Market analyst Aksel Kibar highlights potential scenarios.

Read more at Investing.com: Bitcoin (BTC) Head and Shoulders Pattern to Cause Drop to $80,000? Possible Scenarios By U.Today