Bitcoin kicked off the week with a notable decrease, dropping over 5% to just above $80,000. Analysts point to the completion of a double top pattern, indicating potential further negative trend continuation.
Technical Analysis: Double Top
Renowned analyst Peter Brandt noted the completion of a double top pattern, stating that the asset peaked at $108,000 in December and January before dropping back to five digits. A pennant pattern retested the top, confirming the bearish trend.
Market Analysts' Predictions
BitMEX co-founder Arthur Hayes suggested that Bitcoin might drop further to $75,000 if it cannot hold current levels. Anthony Pompliano noted that the Fear and Greed Index fell from "extreme greed" to "extreme fear" over the year.
Long-Term BTC Prospects
Adam Back expressed confidence in the US Bitcoin reserve strategy, referring to its significance in promoting Bitcoin among major funds. Expert Miles Deutscher stated that price often shapes narrative, indicating potential for new rallies.
Despite the current downturn, several analysts remain optimistic about Bitcoin's prospects, citing both technical arguments and strategic decisions that could positively affect the market in the future.
