Summary
- CoinDesk analyzed that a 'head and shoulders' pattern is being observed on the BTC/USDT daily chart, indicating that Bitcoin could fall to $75,000.
- The neckline of the head and shoulders pattern is around $91,500, and if it falls, the likelihood of this analysis becoming a reality increases.
- It was reported that since technical analysis based on candlestick charts does not always hold true, investors need to be cautious.
On the 7th (local time), the cryptocurrency specialized media CoinDesk reported, "A 'head and shoulders' pattern is being observed on the BTC/USDT daily chart," and analyzed that "if this pattern completes, Bitcoin (BTC) could fall to $75,000."
Omkar Godbole, a CoinDesk analyst, explained, "If the selling pressure continues and BTC falls below the neckline of the head and shoulders pattern, the likelihood of this analysis becoming a reality increases," adding, "The current neckline is formed around $91,500. However, since technical analysis based on candlestick charts does not always hold true, investors need to be cautious."
Meanwhile, BTC is trading at $96,952.32, down 4.95% from the previous day, based on the Binance Tether (USDT) market as of 03:31 on the 8th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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