Bitcoin (BTC) may face a significant downside, with prices potentially dropping to $73,000 if it breaks below its critical support level at $90,680, according to Kim Kramer Larsson, an analyst at Saxo Bank.
Over the past five days, Bitcoin has declined by 3.9%, though it saw a 2.6% recovery on Friday, trading around $94,061, as per Dow Jones Market Data. The cryptocurrency remains 13.2% below its all-time high of $108,309, reached on December 17, 2024.
Larsson highlighted a concerning technical pattern in a recent post on X (formerly Twitter). Bitcoin appears to be forming a “head-and-shoulders” pattern—a bearish indicator in technical analysis that often signals a potential trend reversal from bullish to bearish.
This formation typically consists of three peaks, with the middle peak (the “head”) being higher than the two outer peaks (the “shoulders”). If Bitcoin breaches its neckline support at $90,680, Larsson predicts the next target could be $73,000.
The recent dip comes as some traders take profits following Bitcoin’s impressive 120% rally in 2024. With the market at a critical juncture, all eyes are on whether Bitcoin can hold its key support level or if a deeper correction is on the horizon.
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