Bitcoin Forecast – Price Must Hold $28,000 to Prevent Total Collapse
The head and shoulder topping pattern in bitcoin seems complete. The next time BTC dips below $28,000, we could see a waterfall decline.
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Bitcoin Head & Shoulder Top
Bitcoin is hovering above critical support at $28,000. Breaking lower would establish completion of the head and shoulder topping pattern. The initial target is $20,000, with a reasonable possibility of reaching $12,500 later this year, possibly soon if we see another crypto flash crash.
Bull Case
To repair near-term sentiment, bitcoin must get back above $32,000 soon.
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Overall, I’m bullish on blockchain and will look to accumulate assets during the washout.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.