Is Bitcoin Price Returning To $74,000? Analyst Identifies Pattern That Suggests So

Opeyemi Sule

2 months ago

2 mins read

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The Bitcoin price had a rollercoaster journey over the past week, falling to its lowest level in six months on Wednesday, April 9. The flagship cryptocurrency showed some resilience, recovering above the $80,000 level after United States President Donald Trump paused trade tariffs on all countries except China.

BTC seems to be starting the weekend on a strong foot, returning to above $83,000 in the late hours of Friday. However, the price of BTC appears to be enjoying only a temporary relief, as a prominent crypto analyst has identified a pattern that could decide the coin’s trajectory over the next few weeks.

BTC At Risk Of Another Correction Due To Double Top Pattern

In an April 11 post on the X platform, crypto analyst Ali Martinez shared an interesting outlook on the price of Bitcoin following its recent recovery rally. According to the online pundit, this latest surge could be a precursor to another Bitcoin price correction to around the $74,000 level.

This bearish prediction is based on the potential formation of the “double top” pattern on the BTC hourly chart. The Double Top pattern is a technical analysis formation that looks like the letter “M”, consisting of two consecutive price tops.

The double top pattern is typically a rare appearance on most charts, indicating that investors are looking to book their profits from an extended bullish trend. Hence, the “M” pattern can be a strong signal of trader exhaustion and bearish reversal.

Interestingly, the above chart shows that the Bitcoin price just completed a “double bottom” pattern — the opposite iteration of the Double Top — on the hourly timeframe. The double top saw the premier cryptocurrency fall from above $83,000 to around $74,000 in the space of two days.

With the price of BTC seemingly topping out around the $84,000 mark, a potential “M’ pattern appears to be forming on the hourly chart. If the Bitcoin price fails to break the resistance around the $84,000, the market leader could be gearing for another price breakdown.

It is worth watching out for the support cushion around the $78,000 level, where the BTC price last bounced back to above $83,000. However, a confirmed close below this support region could imply a deeper correction toward $74,000 — a nearly 15% drop from the current price point.

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin stands at around $83,800, reflecting an over 5% price jump in the past 24 hours.

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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