Bitcoin's head and shoulders pattern poses a risk of an $80K BTC price dip according to an analyst.

According to a recent prediction from popular chart analyst Aksel Kibar, Bitcoin’s price still risks falling to $80,000 in a bull market correction. This warning comes amidst a broader analysis of the cryptocurrency’s technicals and market sentiment.

Uptrend Reversal Pattern Teases Potential Breakdown

In his posts on December 26th, Kibar highlighted an intriguing development in Bitcoin’s daily timeframes. He flagged what could become an "ahead-and-shoulders" pattern, a classic feature marking an uptrend breakdown. This pattern is characterized by the formation of three peaks, with the middle peak being the highest.

### Breakout from Broadening Chart Pattern

BTC price teases uptrend reversal pattern...

*   **Breakout from the broadening chart pattern that completed on $BTCUSD...**
*   ...**the pullback can take place with a possible short-term H&S top. (IF) the right shoulder becomes better defined…**

Kibar emphasized the importance of monitoring this development, suggesting it could lead to significant price movements.

### Watchlist Alert

Keep this possibility on your watchlist.

Short-Term Price Target: $80,000

Another post by Kibar mapped out a possible short-term price target for Bitcoin. If the "ahead-and-shoulders" pattern acts as a reversal top, the price could fall to $80,000.

### Price Target

If the pattern acts as a H&S top, the price target is at 80K.
This can be the pullback to the broadening pattern that completed with a breakout above 73.7K.

Market Sentiment: Whales Moving Stablecoins

Despite the bearish warning from Kibar, there are signs of growing market confidence among Bitcoin whales. Research firm Santiment noted an encouraging trend of whales moving stablecoins to exchanges.

### Bullish Sign

After the post-Christmas market-wide dip, crypto markets are seeing an encouraging trend of whales moving stablecoins to exchanges.
Research firm Santiment described this as a bullish sign, indicating that these whales may be preparing to put their "dry powder" to use in the coming days.

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### Stablecoin Deposits

Monitors are being dominated by stablecoin deposits to exchanges.
Though it’s not a guarantee that these whales plan to put this dry powder to use right away, consider this a bullish sign as 2024 sees its final days,

US Spot Bitcoin ETFs Record Net Inflow

As reported by Cointelegraph, the US spot Bitcoin exchange-traded funds (ETFs) have seen a net inflow in recent days. This development adds to the growing body of evidence suggesting that market sentiment is shifting in favor of bulls.

Disclaimer: No Investment Advice or Recommendations

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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