Bitcoin's price could drop to $80,000 in a bull market correction, according to chartered market technician Aksel Kibar. In an analysis shared on Dec. 26, Kibar pointed to a potential head-and-shoulders pattern forming on Bitcoin's daily chart, which could indicate a reversal from its uptrend.
Kibar's forecast suggests Bitcoin could pull back to the $80,000 level, aligned with the breakout point from a broadening chart pattern around $73,700. This potential correction would fall between recent downside targets of $90,000 to mid-$60,000, although Kibar believes the final figure will likely land in the middle range. He urged traders to monitor this pattern closely, as its full definition could confirm the bearish scenario.
Bitcoin Whales Signal Possible Market Rebound
While bearish patterns dominate short-term predictions, market activity from Bitcoin whales hints at a potential market comeback. According to Santiment, a post-Christmas surge in stablecoin deposits to exchanges suggests that large holders may be preparing to re-enter the market, signaling bullish sentiment as 2024 draws to a close.
Further, Bitcoin’s rejection from its 21-day simple moving average at $99,425 has limited bullish momentum. However, market dynamics, including net inflows into Bitcoin spot ETFs following four days of outflows exceeding $1.5 billion, indicate underlying optimism for 2025.
Traders are keeping a close eye on these conflicting signals as Bitcoin navigates a critical phase in its bull market trajectory, according to Cointelegraph.
