BTC Head-and-Shoulders Pattern: $80K Bitcoin? Aksel Kibar’s Technical Analysis Predicts Possible Pullback

BTC Head-and-Shoulders Pattern: Analyst Predicts Pullback to $80K

According to the most recent forecast from well-known chart analyst Aksel Kibar, Bitcoin still runs the risk of dropping to $80,000 in a bull market slump. Kibar disclosed a Bitcoin price target close to several previous all-time highs in X posts on December 26. Over the past week, Bitcoin has been unable to bounce back from the $100,000 support level, and its downward price projections range from $90,000 to as low as the mid-$60,000 region. He identified what would develop into a head-and-shoulders pattern—a traditional indicator of an uptrend breakdown—by examining daily timeframes.

Breakout from the broadening chart pattern that completed on $BTCUSD… the pullback can take place with a possible short-term H&S top. (IF) the right shoulder becomes better defined… Keep this possibility on your watchlist. If the pattern acts as a H&S top, the price target is at 80K. This can be the pullback to the broadening pattern that completed with a breakout above 73.7K.

Kibar

Boxing Day Dip Highlights Market Volatility, but Whale Stablecoin Moves Signal Optimism

Bitcoin bulls, meanwhile, have not yet accumulated enough strength to resist abrupt pullbacks at levels like the 21-day simple moving average, which is currently at $99,425. During a Boxing Day sell-off, traders were alerted to inaccurate TradingView data that showed Bitcoin market dominance at 0%. There are indications of a cryptocurrency market recovery, nonetheless, despite the lack of encouraging developments.

After the post-Christmas market-wide dip, crypto markets are seeing an encouraging trend of whales moving stablecoins to exchanges,

research firm Santiment

Santiment stated that stablecoin deposits to exchanges dominate monitors, citing one of its in-house analytics systems.

Though it’s not a guarantee that these whales plan to put this dry powder to use right away, consider this a bullish sign as 2024 sees its final days,

Santiment

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