Head And Shoulders Pattern Says Bitcoin Price Is Headed Below $100,000

Bitcoin's price is currently fluctuating around the $110,000 support level, facing significant selling pressure. Crypto analyst Toby Dawson has identified a bearish Head and Shoulders pattern on the charts. This pattern began forming with the left shoulder around $117,000 in September. A subsequent recovery led to the formation of the head, reaching an all-time high above $126,000 before facing resistance. The right shoulder then formed as Bitcoin rallied again to $117,000 in late October, hitting resistance once more. This completion of the pattern suggests a potential major price drop. If this breakdown occurs, Bitcoin is predicted to fall below $100,000 and potentially towards $90,000. Another analyst also foresees a crash after Bitcoin's new all-time high, citing historical patterns. This analyst believes the 1-week 50 EMA and the $100,000 support are critical defense levels. Failure of these supports could lead to a free fall, with expectations of Bitcoin dropping into the $80,000 range. Investors are being warned to prepare for a significant downturn.