Financial analyst Peter Brandt has observed a potential bearish head-and-shoulders (H&S) pattern forming on Bitcoin’s (BTC) daily chart.
If confirmed, this pattern could drive prices down to $73,000, heightening concerns amid already turbulent market conditions.
Bitcoin’s struggles to maintain support levels are evident as other markets also attempt to stabilize.
Crypto analyst Ali Martinez highlights the significance of Bitcoin’s recent dip below a key support region, which could amplify bearish pressure on the asset.
Despite recent volatility, Bitcoin’s market dominance remains strong, influencing the broader market trends.
However, the H&S pattern, indicative of bearish market reversals, has traders preparing for the possibility of a deeper correction.
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