NewsBTC’s recent insight into the fluctuating price of Bitcoin observed a potential pathway for the digital currency to return to the $74,000 mark. Over the last week, Bitcoin’s value has seen some significant shifts, hitting a six-month low on Wednesday, April 9, before bouncing back over the $80,000 threshold as a result of President Trump’s decision to halt trade tariffs on all nations, barring China.
As we entered the weekend, Bitcoin exhibited a robust performance, climbing above $83,000 late on Friday. However, this surge might be short-lived, according to a leading crypto analyst who has spotted a pattern that could influence the coin’s trajectory in the coming weeks.
In a post on the X platform dated April 11, crypto analyst Ali Martinez offered an intriguing perspective on Bitcoin’s price following its recent recovery rally. Martinez suggests that this uptick could potentially pave the way for another correction, bringing Bitcoin’s price down to around the $74,000 mark.
This pessimistic forecast is founded on the possible emergence of a “double top” pattern on Bitcoin’s hourly chart. This technical analysis formation appears as the letter “M” and is comprised of two consecutive price peaks. Generally a rare occurrence, the double top pattern signifies investors’ intent to cash in on a prolonged bullish trend, indicating potential trader fatigue and a bearish turnaround.
The provided chart interestingly reveals that Bitcoin’s price recently completed a “double bottom” pattern, which is the inverse of the Double Top, on an hourly timeframe. This pattern witnessed Bitcoin’s value fall from over $83,000 to approximately $74,000 within two days.
With Bitcoin’s price apparently plateauing around the $84,000 mark, an “M” pattern seems to be taking shape on the hourly chart. If Bitcoin fails to breach the resistance at around $84,000, it might be bracing for another price dip.
It would be prudent to keep an eye on the support cushion around the $78,000 mark, where Bitcoin last rebounded to over $83,000. A confirmed closure below this support level could suggest a deeper correction towards $74,000 — a near 15% decrease from the current price level.
As of the time of writing, Bitcoin’s price is hovering around $83,800, indicating a price jump of over 5% in the previous 24 hours.
