news 
Could Bitcoin Drop to $80K? Analyst Points to Head and Shoulders Pattern
Bitcoin’s price trajectory may face a sharp correction, as analysts predict a potential drop to $80,000 despite the ongoing bull market. Aksel Kibar, a chartered market technician, recently shared his analysis on December 26, highlighting a “head and shoulders” pattern that could mark a significant pullback in Bitcoin’s price.
According to Kibar’s insights, the current market conditions are ripe for a potential head and shoulders top, potentially targeting a $80,000 drop. The analyst pointed out that the breakout from the broadening chart pattern that completed at $73,700 may lead to a short-term head and shoulders top. This technical indicator could signal a sharp correction in Bitcoin’s price.
Despite the warnings of such a potential correction, market data offers a glimmer of hope for Bitcoin bulls. Research from analytics firm Santiment reveals a renewed interest from large investors, or “whales,” moving stablecoins to exchanges. This shift may not guarantee immediate purchases but signals optimism as the year draws to a close.
Santiment also observed stablecoin deposits dominating exchange activity, which it interprets as a bullish sign that could strengthen Bitcoin’s recovery. It is essential for investors to approach with caution and balance short-term risks with long-term optimism as Bitcoin navigates a volatile yet promising market landscape.
The recent ETF inflows and the movement of stablecoins may hint at a potential recovery in the coming months, which would contradict Kibar’s bearish prediction. This raises questions about the validity of the analyst’s head and shoulders pattern.
Source: bravenewcoin.com
