Analyst: BTC's potential 'head and shoulders' pattern suggests a fall to $75,000.

Golden Finance reported that Omkar Godbole, a technical analyst in the CoinDesk market team, said that since late November 2024, the trend of BTC has evolved into the “head and shoulders” (H&S) pattern in the technical indicator, indicating that the bearish trend will turn bullish. Analysts say that the failed attempt to break the $100,000 mark in November marked the formation of the first shoulder. This was followed by the formation of the head, as the historic high of over $108,000 in the second half of December quickly fell back to $92,000. At the same time, a 5% drop to nearly $97,000 suggests the formation of the right shoulder. If the sell-off continues and the price falls below the neckline (the horizontal trend line connecting the bottoms of the two shoulders), a bearish head and shoulders reversal pattern will be confirmed, and a break below this level may indicate a further decline to around $75,000.