As the year draws to a close, crypto market participants are focused on Bitcoin’s (BTC) price as it approaches 2025. Despite reaching a new all-time high this month, Bitcoin is currently trading below this level, interpreted as a sign of weakness, yet up 128% since the start of 2024.
The crypto market has attracted institutions this year such as BlackRock and Fidelity, thanks to the introduction of spot Ethereum and Bitcoin ETFs. However, the trend of declines at the end of December has dampened hopes for a six-figure BTC price.
Peter Brandt, a trader with over 50 years of experience, notes a clear head-and-shoulders pattern forming on the Bitcoin price chart:
> “This is a head and shoulders top pattern. It might complete and take price to $78,000; it might fail with a thrust hire, or it might morph into something else. But as it stands right now, it is a head and shoulders top and must be chartist dealt with for what it is.”
What does it mean?
Brandt states that the head-and-shoulders pattern could lead to a drop in Bitcoin’s price to $78,000. This target would mean a 17% decline from current levels but would close an important price gap that formed on the CME nearly two months ago, putting an end to this unresolved issue.
Comments (0)