Several predictions for the price of Bitcoin in 2025 have appeared since the beginning of the year. While many experts expect the first cryptocurrency to build on its historic price action in 2024, others believe its value has peaked in the current cycle.
Prominent crypto trader on social media X – in his latest forecast – made an important call for the price of Bitcoin. Below is a possible upward correction in the price of BTC in the next few weeks.
Is A 20% Fix On Bitcoin Price Cards?
Crypto analyst Ali Martinez took to the X site to share an interesting analysis of the price of Bitcoin. According to a crypto pundit, the flagship cryptocurrency is at risk of a significant pullback around the $78,000 price level.
This bearish indication is based on the formation of a head and shoulders pattern on the 4-hour price chart. A head and shoulders pattern is a technical analysis pattern characterized by three distinct price highs, including a high “head” placed between two low “shoulders”.
This chart pattern usually indicates a potential bearish reversal, indicating a transition from an uptrend to a downtrend. This trend reversal can be confirmed when the price breaks below the neck line, which is the trend line that connects the troughs (swing lows) within the head.
The price of Bitcoin prints head-and-shoulders pattern on the 4-hour chart | Source: Ali_charts/X
As noted in the chart above, the price of Bitcoin recently tested the neckline around the $92,000 region before rising again to above $98,000. However, it seems that the price of Bitcoin has returned to the neckline at $ 92,000.
Martinez noted that if the price of BTC returns, successfully breaks, and closes below the neckline, the flagship cryptocurrency can witness a correction as low as $78,000. This represents a drop of almost 20% from the current price point.
On the flip side, a strong close above the $100,000 mark will ease the current bearish setup, according to a crypto analyst. A return to the six-figure range could see the market leader resume its bullish course and potentially reach new highs.
Bitcoin Price At A Glance
As of this writing, the price of BTC remains just below 98,000, showing a 0.8% decrease in the last 24 hours. According to data from CoinGecko, the initial cryptocurrency rose by about 4% during the weekly period.
The price of BTC at $98,272 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView