This prediction might blow the minds of a lot of folks in the crypto world. I mean, how can we expect this drop to happen right after Trump's pretty optimistic presidential inauguration on January 20? That's just two weeks away.
Do you all think this potential drop to $70k will hit before or after January 20? And let's not forget, is this drop even likely after we've seen that head and shoulders pattern forming?
Bitcoin (BTC), the top crypto by market cap, has climbed over 50% since early November and it seems to be setting up a pattern. If this all plays out, we could see prices creeping back to the mid-$70Ks.
Since late November, BTC’s movement has turned into what those technical analysis folks call a “head and shoulders” pattern, which typically signals a shift from bullish to bearish trends. The first attempt to break through the $100,000 barrier back in November was the first shoulder.
Then we had the head, with a sharp drop down to $92,000 from a peak of over $108,000 in late December. Now, this recent 5% dip down to around $97,000 is hinting that the right shoulder might be taking shape.
There is still a very strong support around $92500 which will be very hard to break. But also $100000 is becoming the resistance. I have read different analysts that said bitcoin price will fall to $80000 and I also read the one that you posted. I do not believe this yet until the $90000 support is broken.
Is hard for that prediction to happen considering the time, we have some major events coming up that could trigger Bitcoin price to hit $105,000 or even above, and also I don't seem to agree with you on the statement that $100k is now a resistance level, when bitcoin price reached $103k and above in the lady 24-48 hours.
That means Bitcoin bullish is higher than the bearish market at this moment, The 15th and 20th are the most anticipated dates and anything can happen but not in the downward position.
A head and shoulder pattern which I don't see much of even though am not thrashing it either. There seems to be a resistant level at $99,000 which is possible it could turn out to be a retest of that level depending on the strength of the resistance there.
And what if I tell you op that am also seeing a different trend pattern the bottom top pattern between the points marked in the image as shoulder and head. Anyways, at this point in time every news about bitcoin seems to go bullish on the coin so am not really buying into the bearish trend for now, not especially this month we're expecting to see a Trump effect on bitcoin on his inauguration ceremony as US President.
I think it's the question as why the sudden downward spiral to $95k when we just hit as high as $102k? Are there too much selling pressure? What causes this speculators or those who push the sell button? For me it's more of the rejection of $102k, and it is know a mental barrier for traders.
But if you look at the next 2 weeks, we could be in the bullish market as Trump will be inaugurated and everyone is looking as how he will do in the first 100 days specially he made a lot of promises during the campaign that he will be pro-Bitcoin and that he will make US great again. So we will see, there are a lot of anticipation, and hopefully everything is going to happen this 2025 and who knows what will be our all time high.
The dump to 70K or the previous ATH at 60K is possible the only unknown is the exact time on when it will happened. I think its imminent or better to say much needed to shake off and have a room for potential pump above 100K in the long run.
A dump on the price can trigger other investors to buy more and for others a chance to have an investment entry after missing the opportunity on the last price rally.
Im not sure if this correction will happened this month since theres no negative news that will trigger this correction right now.
I'm not sure if we can go as low as $70k assuming that there are some positive news that will happen to us in the 20th. I see $88k that could be the potential dump price, but let's see. I do not see see as well that the bears will take over the market, and if you look at the other market, it's not just crypto that took a dump, even Nasdaq composite is down -2%.
So it could be attribution to the news of the fears of US dollar inflation.
However, this is just like what we have seen after getting into $108k as new all time high, the price slumps. And so this cycle will repeat itself again until such time that Trump will go into the White House as I believed that news will trigger another huge pump.
Just inside of 24hrs ago we were high on $102K, now than to $95K. More or less, down to $80K is believable but i think for the fact that we claim to witness the price of Bitcoin go high as of what we crossed our minds to happen in a few weeks from now, if we eventually see $70K and the market becomes positively affected how much increase do we figure out on having to hugely raise the price above what we have already as our ATH.
January does not look like the month to dip down to $70K, my speculation can hang around the $80K price mark comfortably without any side thoughts of falling behind.
First let me say not all technical analysis actually manifests all the time, in as much as I also respect SHS set up or what I call a W-shape pattern the needed momentum to actually break this current neckline is not something small we need a heavy negative news to cause massive out flow of bitcoin from investors to cause the usual FUD before we get break below the $91,500 primary support, although one big trick in shoulder-head-shoulder is the margin between the neckline and the head is usually the same it goes down with thereby where the attic suggests $75k dump.
But this is a monthly time frame chart, I can tell you that it doesnt triggers like that immediately, we can even wait till after quarter one to see it been trigger. Moreover the upcoming news is most definitely going to make the price break the head and move upward except maybe it is becomes a negative news. Even though it becomes a negative news the base support at $80k is still a worthy one to hold off for now
While I believe that we might really these prices if ever the dump comes but it will bounce back to a higher price. One thing about Bitcoin even with the best of the best technical analyses and chart reading.
'It's always unpredictable.'
It is not easy to predict Bitcoin's movement because anything can happen, but I don't believe Bitcoin will go down to $70,000 and what happened was still a healthy correction, which means I don't believe Bitcoin will go below $90,000.
And if Bitcoin does go below $90,000, there is a possibility that $80,000 will be the next one. But I hope that won't happen, and we are just speculating without knowing the truth, but there is some bad news that makes Bitcoin price go down a bit and also on the contrary there is more positive news that will make Bitcoin go up again. And I think for the next few weeks Bitcoin price will go up again above $100,000 - $104,000. However, the dominant downward trend remains, as it has been in the last few days.
Down to $70,000 seems a little far fetched considering where we are in the cycle. Any downturn will be short lived I believe, as the FTX funds distribution is right around the corner. The market just needs to find a way to stay afloat until MicroStrategy gets billions of new shares to dump for BTC and FTX customers get billions of dollars to invest back into crypto. I think those two things will be extremely positive for Bitcoin's price and they're both going to be in full swing within 90 days. It's quite possible we dip between now and then, but it won't last. We're headed upwards in 2025.
Yes, the market is definitely bearish, but I don't think Bitcoin will fire at $70k. Maybe it is possible but it is unknown to everyone. Maybe I can believe this prediction when Bitcoin breaks $90k and takes a position near $85k. I expect a strong resistance at $90k, because Bitcoin has not been able to return to $90k since touching a new ATH of $108k. There is a lot of selling pressure in the market, but I don't think the sellers will be able to do it. I am waiting for the 20th, maybe we will see something positive for Bitcoin on that day.
LOL it's not bearish yet, what are you talking about? Bitcoin has been trading in a channel for weeks, consolidating after reaching a new all time high. It struggled above 90k, but finally reached 108 and pulled back to 92 and then again back to 100, back to 92, back to 100 and today it was back at 93, which is indicating a tightening pattern.
This is all completely normal when an asset is looking for a flat line. There's a lot of people willing to buy at 92 and 93k and a lot willing to sell at $100k and above, which is why the price is regularly jumping between these two levels.
I'd call the market undecided right now, pausing before a bigger move, but in the long term like the next 6 months it's bullish for sure.
This is okay to criticize and also this is not my chart heheheh. I only copied this and shared it in my post to make everyone look at what the article writer was describing. I am also finding it difficult to see this head and shoulders pattern, however, it appears that the right shoulder is higher than the left shoulder where this person appears to be making a Michael Jackson dance move hehehe.
If the writer shared this article on social media, I will tell him he has created a Michael Jackson pattern hehe.
Well, it's really not a critic on my own path, it's just me seeing something different from the trend pattern the article's image is showing. Sometimes these trends patterns could be a fake-out and if the trader is not patient enough to have it give a strong retesting before taking a position base on the pattern he has seen he could get into a bad trade. In essence am just saying that perhaps I could be wrong or the article, either ways we're all learning here.
As of the Micheal Jackson stuff, that was actually funny...
I have a different opinion altogether and I am not considering any technical analysis but rather looking at the data and it's pretty evident from data that the value of bitcoin cannot stay around $100k based on previous bull runs as whenever Bitcoin has touched ew ATH we have seen a gradual but steep dump in the bitcoin price and this years won't be any different. I am afraid we may see bear run before breaching the new ATH again. This is my personal opinion and not based on technical analysis.
If that is really happen, I will make sure I can buy more than usual because that will be the best time to accumulate more. We may not see any lower than that price in the future although that could happen when the bearish time comes.
But Bitcoin price movements now still unpredicted where as we don't know where the price will moves. Perhaps right now the price looks to be sideways after Bitcoin price difficult to stay at $100k. If this situation still be like this, we may see a drop to the lower price than now.
So we can only prepare and be ready for anything that may happen later. Don't forget to prepares your money to buy more Bitcoin.
Pardon me ser. But what you saw in "the data" was probably a biased view or interpretation? Because who could actually say that the current DIP isn't a mere correction before Bitcoin surges again to another All Time High? It's the same as the surges to an All Time High during previous cycles. All Time Highs after All Time Highs were broken, then corrections happened, before actually surging to the REAL ALL TIME HIGH.
¯\_(ツ)_/¯
Okay, I don't know the dynamic concept of this Head-and-Shoulder market movements with my observations it's a circulatory movement of bitcoin around bullishness and bearishness.
Come to the market price to settle at $70,000 from now to Jan. 20th is a prediction I don't agree because the current market price is being too high around $92,000 plus to get Dippen so poor on $70,000 just so soon before Jan. 20th.
Although I agree no market price movement is impossible and non is impossible as the market is highily volatile but I'm not getting it convinced to dine with this prediction because bitcoin isn't so volatile as the AltCoins that're highily flexible to lost values overnight.
My prediction to the least bitcoin could go before we experience new Ath is $90,000 as from now. Let's keep eyes on the marketcap.