PakGazette – Market analyst Aksel Kibar has offered an insightful analysis of ‘s possible course highlighting a price target of $80,000 should particular chart patterns materialize. Their research is based on a crucial pattern that the price of Bitcoin appears to be forming: a high that may influence the future course of the asset. According to Kibar, this drop could be a retest of the widening pattern that culminated in a break above $73,700 for Bitcoin.
In the recent Bitcoin rally, this level acted as a crucial threshold and the price rose above it to create a new range. The pullback is considered a test of the validity of the breakout, and if the H&S formation continues to develop, $80,000 could be a potential downside target. The convergence of technical and behavioral indicators is the main conclusion of the analysis.
Kibar notes that the instinctive and extremely confident responses of the market community often serve as markers of elevated speculative sentiment, which can trigger a correction. This behavioral observation is consistent with the historical trend of pullbacks following an initial breakout into increasingly broader patterns.
According to the chart, to avoid a more significant pullback, key support levels such as $91,000 and $87,000 must hold. If these levels are broken, additional bearish pressure could be applied which could push the price towards $80,000. On the other hand, a rebound above $100,000 would render the bearish head and shoulders chart pattern meaningless and pave the way for a new bullish bullish leg.
The future of Bitcoin is still in a precarious position. The $80,000 target is realistic in the H&S scenario, but whether Bitcoin can stabilize or face additional bearish pressure will largely depend on technical factors such as key support and resistance levels, as well as overall market sentiment.
