{"id":58831,"date":"2025-04-13T00:00:00","date_gmt":"2025-04-13T00:00:00","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=58831"},"modified":"2025-04-13T00:00:00","modified_gmt":"2025-04-13T00:00:00","slug":"is-bitcoin-price-returning-to-74000-analyst-identifies-pattern-that-suggests-so","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=58831","title":{"rendered":"Is Bitcoin Price Returning To $74,000? Analyst Identifies Pattern That Suggests So"},"content":{"rendered":"

The Bitcoin price had a rollercoaster journey over the past week, falling to its lowest level in six months on Wednesday, April 9. The flagship cryptocurrency showed some resilience, recovering above the $80,000 level after United States President Donald Trump paused trade tariffs<\/a> on all countries except China.<\/p>\n

BTC seems to be starting the weekend on a strong foot, returning to above $83,000 in the late hours of Friday. However, the price of BTC appears to be enjoying only a temporary relief, as a prominent crypto analyst has identified a pattern that could decide the coin\u2019s trajectory over the next few weeks.\u00a0<\/p>\n

BTC At Risk Of Another Correction Due To Double Top Pattern<\/h2>\n

In an April 11 post on the X platform, crypto analyst Ali Martinez shared<\/a> an interesting outlook on the price of Bitcoin following its recent recovery rally. According to the online pundit, this latest surge could be a precursor to another Bitcoin price correction to around the $74,000 level.<\/p>\n

This bearish prediction is based on the potential formation of the \u201cdouble top\u201d pattern on the BTC hourly chart. The Double Top pattern is a technical analysis formation that looks like the letter \u201cM\u201d, consisting of two consecutive price tops.<\/p>\n

The double top pattern<\/a> is typically a rare appearance on most charts, indicating that investors are looking to book their profits from an extended bullish trend. Hence, the \u201cM\u201d pattern can be a strong signal of trader exhaustion and bearish reversal.<\/p>\n

Interestingly, the above chart shows that the Bitcoin price just completed a \u201cdouble bottom\u201d pattern \u2014 the opposite iteration of the Double Top \u2014 on the hourly timeframe. The double top saw the premier cryptocurrency fall from above $83,000 to around $74,000 in the space of two days.<\/p>\n

With the price of BTC seemingly topping out around the $84,000 mark, a potential \u201cM\u2019 pattern appears to be forming on the hourly chart. If the Bitcoin price fails to break the resistance around the $84,000, the market leader could be gearing for another price breakdown.<\/p>\n

It is worth watching out for the support cushion around the $78,000<\/a> level, where the BTC price last bounced back to above $83,000. However, a confirmed close below this support region could imply a deeper correction toward $74,000 \u2014 a nearly 15% drop from the current price point.<\/p>\n

Bitcoin Price At A Glance<\/h2>\n

As of this writing, the price of Bitcoin stands at around $83,800, reflecting an over 5% price jump in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

The Bitcoin price had a rollercoaster journey over the past week, falling to its lowest level in six months on Wednesday, April 9. The flagship cryptocurrency showed some resilience, recovering above the $80,000 level after United States President Donald Trump paused trade tariffs on all countries except China. BTC seems to be starting the weekend […]<\/p>\n","protected":false},"author":0,"featured_media":58832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-58831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/58831"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58831"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/58831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/58832"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}