According to market analysts, the price of Bitcoin (BTC) may drop to $75,000 if a bearish reversal pattern called Double Top is formed. This pattern consists of two consecutive peaks with nearly identical prices, and a trendline is drawn from the lowest point between these two peaks. Failure to surpass the previous peak and then a decline indicate a slowdown in the upward trend. Breaking the horizontal support line, also known as the Neckline, confirms a shift from bullish to bearish trend. As of writing this, Bitcoin’s price has returned to the $98,000 range and failed to stay above the December peak. It appears that Bitcoin has formed the Double Top pattern with its Neckline around $91,300. If the price candle closes below this level, the bearish reversal pattern will be confirmed, with a possibility of a price drop to $75,000. This target is calculated using the Measured Move method, where the distance between the two peaks and the Neckline is subtracted from the Neckline level to determine the final target. You can track the live prices of all tokens and cryptocurrencies on the real-time digital currency price page.
