The post BTC May Be ‘Double Topping’ for a Price Slide to $75K appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) may drop to $75,000 should it trigger a so-called ‘double top’ bearish reversal pattern. A double top comprises two consecutive peaks at approximately the same price, with a trendline drawn through the low point between these peaks. The failure to break above the previous peak, followed by a subsequent decline, suggests that the uptrend is losing momentum. So, an eventual breakdown of the horizontal trendline support, the double top neckline, is said to confirm a bullish-to-bearish trend change. BTC has pulled back to $100,000 at the time of writing, having failed to maintain a foothold above the December high last week. In other words, BTC looks to have formed a double top, with neckline support positioned around $91,300. A UTC close below the neckline level would confirm the bearish reversal pattern, potentially triggering a decline to $75,000. This target is calculated using the measured move method, subtracting the gap between the twin peaks and the neckline from the neckline level. BTC’s double top. (TradingView/CoinDesk) Source: https://www.coindesk.com/markets/2025/01/27/bitcoin-may-be-double-topping-for-a-price-slide-to-usd75k

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Filed under: News - @ January 27, 2025 7:17 am