Bitcoin Price To $140,000 Or $67,000? Analyst Weighs In On Interesting BTC Setup
After an unexpected Bearish plot twist Bitcoin price action has been pretty quiet over the past week over the weekend, with Bitcoin barely holding above the $94,000 level. The major cryptocurrency briefly fell below this price mark on Saturday, January 11, before rising to $94,870.
Interestingly, a top analyst from social media platform Is Bitcoin price likely to see a bullish breakout, or is a deep pullback more likely?
How Bitcoin will perform in the coming weeks
In a recent article on X, popular cryptocurrency analyst Ali Martinez weighing Where the Bitcoin price will go in the coming weeks. According to market experts, the current price of the flagship cryptocurrency may rise to $140,000 or it may retrace to around $67,000.
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These predictions are based on the formation of two patterns on the BTC 12-hour price chart, namely the head and shoulders top and the bull pennant. The pennant pattern is characterized by an increase in price (the flagpole) followed by a consolidation range where trend lines converge (the pennant), while the head and shoulders pattern (as the name suggests) is characterized by three different price highs, including two lower ” There is a higher “head” between the shoulders.
this pennant diagram formation Typically seen as a bullish continuation pattern, indicating the continuation of an upward price trend. On the other hand, the head and shoulders pattern usually indicates a potential bearish reversal, marking a shift from an uptrend to a downtrend.
As shown in the chart above, Bitcoin price has yet to break below the neckline of the head and shoulders pattern, which is usually confirmation of a trend reversal. If the major cryptocurrency breaks the neckline around $93,000, its price could drop to $67,000.
However, Martinez noted that if Bitcoin price remains above the neckline and breaks out of the bull flag pattern, the next target could be higher. If this happens, the price of the market leader could rise to around $140,000. This would be a nearly 50% increase from current prices.
Bitcoin Price at a Glance
As of this writing, bitcoin price The price is approximately $94,600, reflecting no major changes in the past 24 hours. The major cryptocurrency has fallen nearly 4% in the past seven days, according to CoinGecko.
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.Featured image from iStock, chart from TradingView
