Summary:
Bitcoin's price is currently around $94,600 after a brief dip below $94,000.
Analyst Ali Martinez predicts potential price movement towards $140,000 or down to $67,000.
The analysis is based on head-and-shoulders and bull pennant chart patterns.
A break below $93,000 could trigger a drop to $67,000.
Conversely, holding above the neckline could lead to a 50% rally towards $140,000.
After an unexpected bearish twist in the past week, Bitcoin's price action has been relatively stable over the weekend, maintaining just above the $94,000 level. The leading cryptocurrency briefly dipped below this mark on Saturday, January 11, before climbing to a high of $94,870.
Bitcoin’s Performance In The Next Few Weeks
In a recent post on X, renowned crypto analyst Ali Martinez shared insights on Bitcoin's trajectory for the upcoming weeks. He suggests that the flagship cryptocurrency is positioned for either a bullish breakout towards $140,000 or a significant pullback to around $67,000.
These projections stem from the formation of two key patterns on the BTC 12-hour price chart: the head-and-shoulders and the bull pennant. The pennant pattern indicates a potential bullish continuation, while the head-and-shoulders pattern suggests a possible bearish reversal.
As illustrated in the chart, Bitcoin has yet to break below the neckline of the head-and-shoulders pattern, which could confirm a trend reversal. If Bitcoin drops beneath the neckline at approximately $93,000, a decline to $67,000 could ensue.
Conversely, if Bitcoin maintains its position above the neckline and breaks out of the bull pennant, a surge towards $140,000 could be on the horizon, marking nearly a 50% increase from its current price.
Bitcoin Price At A Glance
As of this writing, the price of BTC hovers around $94,600, showing little change in the last 24 hours. According to CoinGecko, Bitcoin has experienced a nearly 4% decline over the past week.
Featured image from iStock, chart from TradingView
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