A crypto analyst, X Force, is looking at past Bitcoin price patterns to predict the future. Their analysis suggests good things for Bitcoin, but warns of a potential price drop.
A Bullish Outlook Based on Past Trends
X Force points to a specific price pattern from early 2023. This pattern, they argue, shows that the current upward trend in Bitcoin’s price is likely to continue. The analyst explains that while history doesn’t repeat exactly, similar patterns often appear, offering valuable insights.
The 2023 pattern showed a significant price increase (wave 1), followed by a smaller correction (wave 2). X Force claims this interpretation was accurate even in real-time, not just a hindsight analysis. They also suggest Bitcoin might dip a bit further before continuing its upward trajectory. The analyst emphasizes that short-term price fluctuations are less important than the overall long-term trend.
A Possible Drop to $90,000?
While bullish overall, X Force acknowledges the possibility of Bitcoin dropping to $90,000. However, they stress that as long as Bitcoin stays above this level, the larger upward trend remains intact. They see short-term dips and price volatility as normal and even healthy parts of a bull market.
Another Expert’s Warning: Deja Vu?
Veteran trader Peter Brandt has a more cautious outlook. He’s seeing parallels between the current market and November 2021, when Bitcoin reached a peak and then crashed from around $69,000. His charts suggest Bitcoin might have formed a “double top” pattern, indicating a potential crash could be imminent.
Brandt’s analysis shows that if Bitcoin falls below $104,612, a significant drop is likely. However, staying above that level could keep the bull run going.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $106,700, showing a slight increase over the last 24 hours.
