- 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.
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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.PiCK News
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