The Bitcoin Head and Shoulders Pattern Emerges, $78,000 Target Warns the Market!

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As 2024 is about to end, all eyes are focused on whether Bitcoin (BTC) can smoothly enter 2025, especially after experiencing a historical high, as the current price remains below the expected target. This trend has left some investors feeling fatigued, despite Bitcoin rising 128% since the beginning of the year.

Institutional funds are paying attention, but year-end declines dampen market confidence.

The attraction of the Bitcoin market has increased this year with the launch of Ethereum and Bitcoin spot ETFs, drawing more institutional investors, such as BlackRock and Fidelity, to cryptocurrencies. However, the downward trend at the end of December has also affected these institutions, suppressing the hopes of crypto enthusiasts for Bitcoin to break the six-figure mark by year-end.

Peter Brandt warns: The Head and Shoulders pattern suggests Bitcoin may drop to $78,000.

Renowned trader Peter Brandt recently pointed out that a clear head and shoulders pattern is forming on Bitcoin's current price chart, which could lead to a price drop to $78,000. He emphasized that if this pattern completes, Bitcoin's price could drop an additional 17%. The completion of this pattern could trigger a market correction, especially to fill the price gap from two months ago at the Chicago Mercantile Exchange.

Despite the market's low sentiment, Brandt still reminds the bulls to be prepared for potential downward pressure.

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