This Bullish Bitcoin Pattern is Still in Play Despite Recent Market Slide: Analyst
Amid the recent correction in Bitcoin’s price, the well-known crypto analyst “Titan of Crypto” emphasizes that the asset is still following a bullish market structure.
Over the past 24 hours, the crypto market has experienced a significant decline due to increased concerns about macroeconomics and geopolitics. Bitcoin’s price has dropped by nearly 11% from its highs of $96,500 on February 24, reaching a three-month low below $87,000. However, amidst the panic, a prominent analyst offers a glimmer of hope.
The analyst, known as “Titan of Crypto,” argues that Bitcoin is still trading in accordance with a bullish inverse head and shoulders chart pattern on its weekly chart, which it appears to have broken out of in the fourth quarter of 2024. In a post on February 24, the analyst suggests that the next move for Bitcoin could be “explosive,” and shares a chart indicating that the asset’s main target is above $125,000.
For context, with the current price of around $87,800, this target represents a potential upside of over 40%.
Notably, Titan of Crypto is not the only analyst who believes that Bitcoin’s bullish structure remains intact despite the recent dip. Another prominent analyst, Don Alt, describes the recent decline as a test of the range lows on the weekly chart, and suggests that a close above these lows could lead to a bounce in the following week.
Similarly, the financial news website “ZeroHedge” warns its followers against being shaken out by the market turbulence, stating that Bitcoin is mirroring its 2017 price surge and still has significant room for growth.
Supporting these views, crypto analytics firm CryptoQuant reveals that whales, or large investors, are buying the dip, with 26,430 BTC worth over $2 billion flowing into accumulation addresses.
However, amidst these positive outlooks, Geoffrey Kendrick, the Head of Digital Asset Research at Standard Chartered, cautions investors against buying the dip just yet. He predicts a further decline towards the $80,000 price level.
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