Bitcoin Completes Head and Shoulders Pattern, Analyst Predicts It Will Drop to $78,000

Cryptocurrency analyst Melika Trader has warned of a bearish pattern that may be forming for the price of Bitcoin. Based on this, the analyst predicts that the largest cryptocurrency by market capitalization could fall to a low of 78,000 dollars. Bitcoin Forms Head and Shoulders Pattern In a post on TradingView, Melika Trader revealed that the price of Bitcoin is forming a complex head and shoulders pattern. He noted that the left shoulder and double head have formed while the right shoulder is currently forming, with BTC at risk of a major collapse as this unfolds. As part of the anticipated move, Melika Trader believes that the price of Bitcoin could show a false breakout at the resistance level between $87,000 and $88,000. When that happens, the analyst predicts that a sharp fall will follow, with BTC dropping to a low of $78,000, which is the first support zone. The price of Bitcoin has skyrocketed past the $90,000 mark as the US dollar has fallen to new lows and continues to reach new highs, leading to optimism that it may soon reclaim the $100,000 level. There is a possibility that BTC could still rise to a high of $98,000 before any major correction.

Cryptocurrency analyst Ali Martinez reveals that on-chain data shows the next important resistance zone for the price of Bitcoin is between $95,600 and $98,290. This range acts as a significant supply wall, as 1.65 million addresses have purchased 1.09 million BTC around that area. The next move of Bitcoin will depend on whether these holders choose to hold or sell their coins as it regains this range. However, it is noteworthy that cryptocurrency whales are actively accumulating BTC, which is beneficial for the price of Bitcoin. Martinez revealed that over 17,000 BTC have been withdrawn from exchanges in the past week. BTC Heading Towards New All-Time Highs Cryptocurrency analyst Titan of Crypto has predicted that the price of Bitcoin could soon rise to as high as $137,000, marking a new all-time high (ATH) for the leading cryptocurrency. He stated that BTC has finally broken out of a bullish flag, with two consecutive strong daily bullish candles confirming this move. The analyst added that the projected target is $137,000 if this bullish flag is confirmed. Cryptocurrency analyst Egrag Crypto claims that a daily close above $93,000 will send a strong bullish signal, while increasing the chances of BTC rising above $100,000. He states that any fear of a pullback will be eliminated if the leading cryptocurrency closes above $103,000.

At the time of writing, the price of Bitcoin is trading at around $93,000, up more than 5% in the past 24 hours, according to data from CoinMarketCap.