CAN BITCOIN RETURN TO $69,000? 💥
From a technical analysis perspective, we have what is referred to as the "Double Top" pattern. This is a bearish reversal pattern that indicates Bitcoin's price has reached a peak twice. For example, in December 2024, Bitcoin reached the $100,000 level and then retraced to $72,000. Currently, it has climbed back to $100,000.
In summary, the Double Top is a bearish reversal pattern signaling that BTC's price could decline significantly if it fails to break above the current peak. This theory is based on the behavior of investors—once they exhaust their buying power at a peak price twice, the price may retrace significantly, as we observed in the drop to $72,000.
Bitcoin, which dominates over 50% of the market, has a significant influence. If it fails to hold the current top price, a severe drop is likely, which could cause other altcoins to follow suit, even if they aren't moving as drastically as BTC. The reason for this is that when Bitcoin falls, fear spreads among investors and market makers, prompting them to sell off the altcoins they hold.
However, all of this depends on whether Bitcoin can break past the $110,000 resistance level. If BTC successfully breaks this resistance, it confirms a breakout, and the bull run continues. If not, Bitcoin might retrace before any significant upward movement.
