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After an unexpected bearish plot twist last week, bitcoin price action has been fairly quiet over the weekend, with btc barely holding above the $94,000 level. The leading cryptocurrency briefly fell below this price mark on Saturday, January 11, before reaching $94,870.
Interestingly, a top analyst from social media platform Could there be a bullish breakout in btc price or is a deep correction the most likely scenario?
bitcoin performance in the coming weeks
In a recent post on x, popular crypto analyst Ali Martinez <a target="_blank" href="https://x.com/ali_charts/status/1878069852759585180″ target=”_blank” rel=”nofollow”>heavy on the trajectory of the price of bitcoin over the coming weeks. According to the market expert, the flagship cryptocurrency is currently set up in such a way that it could see an upward move to $140,000 or a pullback to around $67,000.
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These projections are based on the formation of two patterns, namely the head and shoulders and the bullish pennant, on the 12-hour price chart of btc. The pennant pattern is marked by a price rally (the flagpole) followed by a consolidating range with converging trend lines (the pennant), while the head and shoulders formation (as the name suggests) is characterized by three different price highs, which include a higher “head” between two lower “shoulders”.
The pennant chart formation often serves as a bullish continuation pattern, suggesting the persistence of an uptrend in prices. The head and shoulders pattern, on the other hand, usually indicates a possible bearish reversal, indicating a change from an uptrend to a bearish one.
As seen in the chart above, bitcoin price has not yet broken above the neckline of the head and shoulders pattern, which often serves as confirmation of the trend change. If the leading cryptocurrency breaks the neckline located around $93,000, its price could fall as low as $67,000.
However, Martinez noted that the next target could be higher if bitcoin price stays above the neckline and breaks the bullish pennant pattern. If this occurs, a bullish rise to around $140,000 could be on the cards for the market leader's price. This would represent a rally of almost 50% from the current price.
bitcoin price at a glance
At the time of writing, the btc price stands at around $94,600, which does not reflect any significant changes in the last 24 hours. According to data from CoinGecko, the main cryptocurrency is down almost 4% in the last seven days.
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.Featured image from iStock, chart from TradingView
