Bitcoin Price To $140,000 Or $67,000? Analyst Weighs In On Interesting BTC Setup

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Over the past week, there was an unforeseen drop in Bitcoin‘s trend, but its price movement has been relatively calm during the weekend. Despite this, Bitcoin managed to stay slightly above the $94,000 threshold. On Saturday, January 11, Bitcoin dipped below this price point briefly before reaching a high of $94,870.

It’s worth noting that a prominent analyst on social media platform X has presented an intriguing perspective about Bitcoin’s price. They hint that Bitcoin, as the market leader, could be at a critical turning point. Is it possible we might see a strong upward trend in BTC prices, or is a significant decline more probable?

Bitcoin’s Performance In The Next Few Weeks

In a recent post about X, renowned crypto analyst Ali Martinez shared his insights on Bitcoin’s price trend in the coming weeks. Based on his analysis, Bitcoin might experience an upward surge towards $140,000 or a potential drop to roughly $67,000.

These predictions are derived from the emergence of two distinct patterns on the Bitcoin 12-hour price graph. The first one is known as the head-and-shoulders pattern, which features three successive price peaks – with the middle one (the ‘head’) being higher than the others (‘shoulders’). The second pattern is the bull pennant, which starts with a strong price surge (the ‘flagpole’), followed by a narrowing range where the trend lines converge (the ‘pennant’).

In simpler terms, the pennant chart formation usually signals the prolongation of an increasing price movement, while the head-and-shoulders pattern often hints at a possible shift from rising prices to falling ones.

According to the graph, Bitcoin’s price hasn’t dropped below the neckline of the head-and-shoulders pattern yet, which usually signals a change in trend direction. If Bitcoin falls beneath the $93,000 neckline level, its value might decrease to approximately $67,000.

If Martinez is correct, the Bitcoin price might aim higher due to holding above the neckline and breaking out of the bull pennant pattern. In that case, we could expect a significant increase in value, potentially reaching around $140,000 – which would be nearly a 50% jump from its current level if the market leader follows this trend.

Bitcoin Price At A Glance

Currently, Bitcoin’s value hovers around $94,600, showing little fluctuation over the past day. However, according to information from CoinGecko, it has dropped approximately 4% over the last week.

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2025-01-12 17:10