📉 Crypto Gossip: Bitcoin’s Double Top Dance to $75K? 🕺

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What one ought to discern:

  • Our dear BTC has had the audacity to present us with not one, but two, most lofty peaks at a sum of $108,000, hinting at a most ominous double top bearish reversal pattern.
  • Should it dare to descend below the aforementioned double top neckline, the trend, I am afraid, shall be irrevocably altered.

In the most shocking turn of events, Bitcoin (BTC) may find itself in a most unenviable position, spiraling down to the modest sum of $75,000 should it embark upon the so-called ‘double top’ bearish reversal pattern.

This double top, a most curious phenomenon, consists of two consecutive summits at nearly the same altitude, connected by a line drawn through the valley between them. The inability to surpass the prior peak, followed by an unwelcome descent, suggests that the upward march is, alas, losing its vigor.

Thus, the inevitable breach of the horizontal trendline support, known as the double top neckline, is said to herald the transformation from a bullish to a bearish trend.

As I pen this missive, BTC has retreated to $100,000, having failed to sustain its position above the December zenith. In the plainest of terms, BTC appears to have engaged in the formation of a double top, with the neckline support hovering around $91,300.

A UTC close below this neckline level would seal the fate of the bearish reversal pattern, potentially initiating a descent to $75,000. This target is ascertained through the measured move method, a most intriguing arithmetic that subtracts the distance between the twin summits and the neckline from the latter’s level.

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2025-01-27 10:01