Bitcoin ($BTC) is displaying a high-risk technical outlook that could determine its trajectory in the near term. In this respect, Bitcoin ($BTC) is reportedly witnessing a critical support test around $101,500, as dipping below this level could invalidate the bullish Head and Shoulders (H&S) continuation pattern. As the prominent analyst, “Aksel Kiber, MT,” mentioned in a recent analysis, the top crypto token could plunge below the $100K mark if it fails to stay above $101,500. Hence, in the 6-month-long H&S pattern, this point plays a pivotal role, highlighting the requirement to maintain a price level above it.
Bitcoin’s H&S Pattern Faces Critical Support Test At $101,500
In line with the on-chain data, the bullish Head and Shoulder (H&S) pattern of Bitcoin indicates a critical test of support at up to $101,500. Keeping this in view, a drop below this spot could trigger a further correction below the psychological level of $100,000. Hence, this could invalidate the overall H&S pattern.
Dip Below $101,500 Could Lead to Deeper Consolidation
According to Aksel Kiber, MT, the current position of Bitcoin ($BTC) signifies $141,300 as its upside targets. On the other hand, a slip lower than $101,500 is deemed to be a turning point that could push Bitcoin further down below the $100K spot. Therefore, the market is currently at a crossroads in line with the technical analysis, and whether the flagship crypto asset resumes its upward trajectory or moves toward further consolidation remains to be seen.
