Bitcoin Might Be Forming a Double Top, Signaling a Price Decline Toward $75K.

Bitcoin (BTC) appears to be forming a double top bearish reversal pattern, which could signal a drop towards $75,000.

The double top pattern is characterized by two peaks occurring at similar price levels, with a trendline drawn through the lowest point between the two peaks. If Bitcoin fails to break above the previous peak and begins to decline, it indicates that the upward momentum is losing steam. The bearish reversal is confirmed when the price breaks below the trendline support, known as the neckline, signaling a shift from bullish to bearish.

Currently, Bitcoin is trading around $100,000, having failed to hold above the high it reached in December. This suggests the formation of a double top, with the neckline support located at approximately $91,300.

A daily close below the neckline level would confirm the reversal pattern, potentially setting Bitcoin on a path towards $75,000. This target is derived by measuring the distance between the two peaks and subtracting it from the neckline level.