When an unexpected event occurs bearish plot twist Bitcoin has had a quiet weekend in recent weeks, barely staying above $94,000. On Saturday, 11th January 2018, the premier cryptocurrency briefly fell below this level before climbing as high as $94 870.
A top analyst at the social media site X recently published an analysis that was quite interesting. He suggested that Bitcoin’s price might be in a critical phase. Can a BTC price breakout happen or will it be a major correction?
Bitcoin’s performance in the Next Few Weeks
Popular crypto analyst Ali Martinez has recently posted on X. weighed in The trajectory of Bitcoin over the coming few weeks. Market pundits claim that Bitcoin’s flagship cryptocurrency could move to a price of $140,000, or it can drop back to about $67,000.
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This projection is based on two patterns that have formed on the BTC price chart, the pennant and head-and shoulder. Pennant patterns are characterized by an upswing in price (the flagpole), followed by converging trendlines (the pennant). The head-andshoulders pattern, as the name implies, is defined by three distinct highs including one higher. “head” Between two lower “shoulders.”
You can also find out more about the following: pennant chart formation It is usually a pattern of bullish continuation, indicating the continued upward trend in prices. Head-and-shoulders patterns, however, are more likely to indicate a bearish trend reversal.
The chart shows that the Bitcoin price has not yet broken below the neckline in the Head-and-Shoulders pattern. This is often a sign of a trend change. If Bitcoin breaks through the neckline at approximately $93,000 then its price may fall as low as $67,000.
Martinez, however, pointed out that a higher target may be possible if Bitcoin’s price remains above the neckline pattern and does not break out. In this case, the Bitcoin price could surge upwards to $140,000. The price would rise by almost half from its current level.
Bitcoin Price at a Glance
The date of the current article is: price of BTC The current value of the cryptocurrency is around $94,600. This has not changed significantly in the last 24 hours. CoinGecko’s data shows that the top cryptocurrency has fallen by almost 4% over the past seven days.
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.Featured image is from iStock. Chart from TradingView
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Source: www.newsbtc.com
