Bitcoin’s price has been a wild ride lately. After hitting a six-month low on April 9th, it bounced back above $80,000. But is this just a temporary reprieve?
A Double Top Pattern?
One analyst, Ali Martinez, thinks so. He’s spotted a “double top” pattern on the hourly Bitcoin chart. This pattern, shaped like an “M,” often signals the end of an upward trend as investors take profits. It suggests a potential correction is coming.
Martinez points out that Bitcoin recently completed the opposite pattern, a “double bottom,” before its recent rise. Now, if the price can’t break through the $84,000 resistance level, another drop could be on the horizon.
The $74,000 Prediction
The double top pattern suggests Bitcoin could fall back to around $74,000 – a drop of almost 15% from the current price. The $78,000 level is a key support point to watch. If Bitcoin closes below that, the drop to $74,000 becomes more likely.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $83,800, up over 5% in the last 24 hours. But remember, the market is volatile, and this is just one analyst’s prediction.
