Expert Highlights Risks of Bitcoin’s ‘Double Top’ Formation Targeting $75,000

In recent days, Bitcoin failed to hold above $108,000, potentially leading to the formation of a bearish reversal pattern known as a ‘double top,’ targeting $75,000. This forecast was provided by CoinDesk.

The pattern consists of two consecutive peaks of roughly equal height, with a trough in between. A break below this trough confirms the trend reversal.

The inability to sustain above the previous high and the subsequent decline indicate a weakening of the upward trend.

The support line is situated around ~$91,600. On January 27, the first cryptocurrency’s quotes fell below $100,000 and are currently at ~$99,000.

If the formation materializes, the price movement target is approximately equal to the distance from the peak tops to the support line.

Earlier in February, analysts at 10x Research suggested that the digital gold’s rate could reach $122,000 before ‘another consolidation.’