{"id":21558,"date":"2025-04-13T00:00:00","date_gmt":"2025-04-13T00:00:00","guid":{"rendered":"https:\/\/cryptd.in\/is-bitcoin-price-returning-to-74000-analyst-identifies-pattern-that-suggests-so\/"},"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:\/\/cryptd.in\/lv\/is-bitcoin-price-returning-to-74000-analyst-identifies-pattern-that-suggests-so\/","title":{"rendered":"Is Bitcoin Price Returning To $74,000? Analyst Identifies Pattern That Suggests So"},"content":{"rendered":"<p>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 <a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/tariff-to-push-bitcoin-to-100000\/\" target=\"_blank\" rel=\"noopener \">Donald Trump paused trade tariffs<\/a> on all countries except China.<\/p>\n<p>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<h2><b>BTC At Risk Of Another Correction Due To Double Top Pattern<\/b><\/h2>\n<p>In an April 11 post on the X platform, crypto analyst Ali Martinez <a href=\"https:\/\/x.com\/ali_charts\/status\/1910742138427760916\" target=\"_blank\" rel=\"noopener nofollow\">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<p>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<p>Port\u0101ls <a href=\"https:\/\/www.investopedia.com\/terms\/d\/double-top-and-bottom.asp\" target=\"_blank\" rel=\"noopener nofollow\">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<p><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GoRLYgsXgAQwYxp?format=jpg&amp;name=medium\" alt=\"Bitcoin price\" width=\"1200\" height=\"789\" loading=\"lazy\" \/><\/p>\n<p>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<p>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<p>It is worth watching out for the <a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/bitcoin-critical-support-level-at-69000-why\/\" target=\"_blank\" rel=\"noopener \">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<h2><b>Bitcoin Price At A Glance<\/b><\/h2>\n<p>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>\n<p><img decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/CSKQTcYx\/\" alt=\"Bitcoin price\" width=\"2250\" height=\"1432\" loading=\"lazy\" \/><\/p>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Bitcoin Price Returning To $74,000? 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