In the swirling world of Bitcoin, renowned trader and analyst Aksel Kibar has issued a caution that Bitcoin could potentially drop to $80,000 in a market correction. Though Bitcoin has faltered in recent weeks, struggling to regain the $100,000 support, Kibar argues that there may be even further to fall. He points to what may be a developing ‘head-and-shoulders’ pattern, a commonly recognized indicator of an uptrend breaking down.
Kibar doesn’t predict doom and gloom solely, however. “If the pattern acts as a head-and-shoulders top, the price target is at 80K,” he clarified, suggesting that a drop to $80,000 could be the correction needed to stabilize and return to a growth pattern. He sites the broadening pattern that concluded with a breakout above $73.7K as the trade threshold for this scenario.
Though some traders have expressed doubts that the correction being this scorching, Kibar suggests an intense pullback could fortify Bitcoin’s position. The prospect of a Bitcoin bull revival remains amidst signs of a crypto market rebound shown by the market data analysis firm, Santiment. They note movement of whales depositing stablecoins in exchanges as an encouraging trend.
Despite recent upheavals and potential corrections, nothing is inevitable in the indeterminate realm of cryptocurrencies. As 2024 nears its end, both investors and curious observers are keeping their eyes peeled for any indications of where Bitcoin may wind up in the coming year. As a word of caution for anyone involved with Bitcoin, the global market can be as choppy as it is thrilling. Stay prepared and always keep a close watch.