Bitcoin’s price has been a bit wobbly lately, bouncing around between $117,000 and $120,000. But a recent drop towards $115,000 has experts worried. One analyst predicts things could get even worse.
A Bearish Outlook
Aksel Kibar, a market expert, sees Bitcoin heading down to around $109,000. He bases this prediction on a chart pattern called an “inverse head-and-shoulders.”
Understanding the Chart Pattern
This pattern shows three price dips, with the middle dip (“head”) lower than the two outer dips (“shoulders”). Usually, this means a price surge is coming. Bitcoin did break through the “neckline” (a line connecting the high points between the dips), which often signals a bullish breakout.
However, Kibar points out that breakouts from this pattern often involve a pullback—a temporary price drop—before continuing upward. His analysis of Bitcoin’s past performance shows that pullbacks after this pattern are more common than immediate rallies.
The Potential Drop
If Bitcoin follows the typical pullback pattern, Kibar believes it could fall back to the neckline, around $109,000. That’s a drop of over 5% from the current price.
Bitcoin’s Current Status
After a rough start, Bitcoin seems to be recovering slightly. At the time of writing, it’s around $117,323, down only about 0.6% in the last 24 hours. But the analyst’s prediction is a reminder that things could still take a turn for the worse.
