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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Bitcoin Price Completes Head And Shoulder Formation, Analyst Predicts Crash To $78,000

Scott Matherson
Scott Matherson
5 months ago
3 mins read
Bitcoin

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Crypto analyst Melika Trader has warned about a bearish pattern that could be forming for the Bitcoin price. Based on this, the analyst predicts that the largest crypto by market cap could crash to as low as $78,000. 

Bitcoin Price Forming Head And Shoulders Pattern 

In a TradingView post, Melika Trader revealed that the Bitcoin price is forming a complex head-and-shoulders pattern. He remarked that the left shoulder and double head had already formed while the right shoulder is currently forming, with BTC at risk of suffering a massive crash once this happens. 

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As part of the expected move, Melika Trader suggested that the Bitcoin price could show a possible fake breakout above the resistance between $87,000 and $88,000. Once that happens, the analyst predicts that a strong drop will follow, with BTC dropping to as low as $78,000, which is the first support area. 

The Bitcoin price has surged past the $90,000 mark on the back of the US Dollar dropping to new lows and has continued to reach new highs, leading to optimism that it could soon reclaim $100,000. There is the possibility that BTC could still rally to as high as $98,000 before any massive correction.

Bitcoin
Source: Melika Trader on Tradingview

 

Crypto analyst Ali Martinez revealed that on-chain data shows that the next key area of resistance for the Bitcoin price is between $95,600 and $98,290. That range acts as a major supply wall, as 1.65 million addresses bought 1.09 million BTC around that area. Bitcoin’s next move will depend on whether these holders choose to hold or offload their coins as soon as it reclaims this range. 

However, it is worth mentioning that crypto whales are actively accumulating BTC, which is bullish for the Bitcoin price. Martinez revealed that over 17,000 BTC have been withdrawn from exchanges in the past week. 

BTC Eyeing Rally To A New All-Time High

Crypto analyst Titan of Crypto has predicted that the Bitcoin price could soon rally to as high as $137,000, marking a new all-time high (ATH) for the leading crypto. He stated that BTC has finally broken out of a bull pennant, with two strong consecutive daily bullish candles, confirming this move. The analyst added that the projected target is $137,000 if this bull pennant is confirmed. 

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Bitcoin Price Following Analyst’s Prediction For Bullish Breakout, Here’s The Target

5 months ago

Crypto analyst Egrag Crypto stated that a daily close above $93,000 will send a strong bullish signal, while raising the possibility of BTC rallying above $100,000. He claimed that any retracement fears will be eliminated if the leading crypto closes above $103,000. 

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

Bitcoin
BTC trading at $94,234 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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