- BTC struggles to maintain its crucial $60,000 support level amid a significant value decline.
- Bitcoin’s value dropped nearly 13% over the past week, influenced by bearish catalysts.
- Crypto analyst sees Bitcoin forming an inverse head-and-shoulders pattern with a potential to reach $87,000.
Bitcoin currently faces a highly turbulent period as its value declines sharply. The flagship cryptocurrency struggles to hold above the important level of $60,000, considered critical in preventing further downward momentum. At the moment, BTC holds this level but is under heavy pressure.
In the last week, BTC was down by almost 13%. The decline comes as the result of several bearish catalysts, including the Federal Reserve’s meeting held recently and notable transfers from Mt. Gox wallets. Each of these events has taken a collective toll on the price of Bitcoin.
As of writing this, the price of Bitcoin stands at $60,522 with a 24-hour trading volume of $106.33 billion. Market capitalization stands at $1.19 trillion, therefore, securing a market dominance of 55.41%. In the last 24 hours, the price of Bitcoin has moved down by 4.21%.
Bitcoin’s Bullish Pattern Points to $87K Target
Despite these bearish trends, analysts remain optimistic about Bitcoin’s future. Many believe that the current decline is temporary and anticipate a trend reversal. There is a strong sentiment that BTC has the potential for a significant upward climb, once the current market pressures subside.
Of these analysts, a famous crypto analyst known as Trader Tardigrade has just shared an extremely optimistic forecast for BTC. Trader Tardigrade argues that BTC is currently creating an inverse head-and-shoulders pattern, a technical indicator considered bullish, often preceding big price gains.
Trader Tardigrade has pointed out that BTC is in the process of filling the right shoulder of this pattern. This stage of development indicates price stabilization of Bitcoin after the initial decline and subsequent rise, which places it in a strong position to break out upwards. According to him, this pattern will be fully developed within the next few days to set the stage for a major upward move.
If BTC manage a break out of this inverse head and shoulders pattern, Trader Tardigrade predicts that the cryptocurrency could soar to an impressive target of $87,000. This price would represent a strong increase from its current price, providing a potentially profitable opportunity for investors.
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