Over the last week, volatility levels surged in the Bitcoin market as prices exhibited sharp movements at the two extremes. Data from CoinMarketCap showed the leading cryptocurrency lost its support around $90,000 but repeatedly found strong buying interest near $85,000, effectively creating a volatile price range between both levels. Despite an uptick in the last day, investors’ uncertainty remains at its peak level considering a broader correction trend that has persisted since early October. Prominent market analyst Ted Pillows has identified some historical data that could guide in navigating this fragile market. Related Reading: Citi Analysts Project Bitcoin Price Could Reach $189,000 Next Year In Bullish Scenario Bitcoin To $100,000? In an X post on December 19, Pillows shares a technical analysis of Bitcoin’s price structure, projecting some significant market gains in the short-term. According to the market expert, Bitcoin is presently mirroring a 2021-2022 market setup, which suggests the asset may be headed for the $100,000 mark. In the chart below, Pillows’ annotations suggest that Bitcoin is forming a head-and-shoulders pattern. The left shoulder emerged after Bitcoin peaked at $110,000 in January 2025, followed by a rally to a new all-time high of $126,100 in October, which formed the head. Notably, a similar pattern was observed in 2021-2022, when prices reached $63,600 (left shoulder) in April 2021, $69,100 (head) in November 2021, and $48,433 (right shoulder) in March 2022 . Currently, Bitcoin appears to be in the final corrective phase ahead of the right-shoulder formation, which Pillows expects to develop near the $100,000 level, implying a potential 13.6% upside in the coming days. However, the head-and-shoulders is a bearish chart pattern, indicating that completion could initiate a cascading price fall that was similarly seen in the 2021—2022 cycle. During this time, Bitcoin’s price dropped by half, trading as low as $22,000. However, Pillows’ projections are that Bitcoin could drop by around 35% after touching the $100,000, indicating a potential bottom price target of $65,000. Interestingly, this aligns with other cautious predictions that suggest Bitcoin remains highly vulnerable to future financial trends and is likely to fall to around $70,000. Related Reading: Ethereum Exchange Supply Just Crashed To New Lows, Why This Is Bullish For Price Bitcoin Market Overview At the time of writing, Bitcoin was trading at $88,168, reflecting a 3.16% gain in the past 24 hours. Meanwhile, the daily trading volume is down by 14.81% and valued at $44.83 billion. Meanwhile, investors transferred over 11,000 BTC to exchanges this week, signaling a significant selling intent amid recent price swings. Crypto analyst Ali Martinez reports that the BTC exchange balance has now moved from 2.753 million BTC to 2.764 million BTC, representing 13.84% of all circulating supply. Featured image from Pexels, chart from Tradingview
The Bitcoin price has been quite indecisive in its action over the past week, jumping between the $117,000 and $120,000 consolidation zone in that period. The flagship cryptocurrency, however, came tumbling toward the $115,000 mark following massive coin movements toward centralized exchanges in the past day. Interestingly, a prominent market expert has put forward an even more bearish outlook for the Bitcoin price over the next few weeks. With this latest projection, the price of BTC seems to only be at the beginning of a downward spiral, which could worsen over the coming days. How BTC Price Could Be At Risk Of Extended Decline In a July 25 post on social media platform X, Chartered Market Technician (CMT) Aksel Kibar painted a bearish picture for the Bitcoin price after falling to $115,000 on Friday. According to the analyst, the flagship cryptocurrency could be on its way to around $109,000 in the coming days. Related Reading: This Australian Investment Manager Just Added Bitcoin To Its Treasury, Here’s How Much BTC They’ve Bought Kibar’s bearish stance revolves around the inverse head-and-shoulder pattern on the Bitcoin price chart on the weekly timeframe. The inverse head-and-shoulders pattern is a technical analysis formation characterized by three distinct price troughs, including a lower “head” set between two higher “shoulders.” Typically, the inverse pattern signals a possible bullish breakout and is validated when the price breaches the neckline — a trendline connecting the crests (swing highs) between the head. As shown in the chart below, the Bitcoin price has already broken through the neckline to reach a new all-time high. However, Kibar explained that the price breakout witnessed by Bitcoin might not be the textbook breakout typically expected in most inverse head-and-shoulders pattern scenarios. According to the market expert, most head-and-shoulder breakouts are followed by pullbacks and retests rather than straight rallies. Chart data provided by the analyst shows that, since May 2017, the Bitcoin price has witnessed a retest or pullback (type 2 continuation) more times than a straight rally (type 1 continuation) after a head-and-shoulder pattern breakout. This trend explains the rationale behind Kibar’s bearish projection for BTC in the next few days. If the price of Bitcoin does suffer a deeper correction as in the type 2 continuation, it is likely to return to the neckline — and around the $109,000 mark. A move like this would represent an over 5% decline from the current price point. Bitcoin Price At A Glance After a horrendous start to the day, the market leader seems to be recovering nicely from its recent fall to $115,000. As of this writing, the price of BTC stands at around $117,323, reflecting a mere 0.6% decline in the past 24 hours. Related Reading: Bitcoin Pullback Remains Within Normal Volatility Range: Drawdown Analysis Shows No Signs Of Panic Featured image from iStock, chart from TradingView