Bitcoin Faces Potential Decline as Patterns Signal Caution

Coin-Turk 9 months ago 121

Bitcoin (BTC ($111,100.00)) $95,491 has seen a significant increase of over 50% since November 2024. However, technical analysis suggests a possible price retracement. Currently, Bitcoin’s price chart resembles an “Inverse Head and Shoulders” (IHS) pattern, which typically signals a major trend shift from bullish to bearish.

How the Inverse Head and Shoulders Pattern Formed

In November, Bitcoin attempted to reach the $100,000 mark but failed, marking the creation of the first “shoulder.” Subsequently, a sharp decline from $108,000 to $92,000 in December formed the “head” of the pattern. Finally, the decline to $97,000 resulted in the appearance of the “right shoulder.”

Experts note that Bitcoin’s price is currently close to the “neckline,” a critical support le...

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