The king of the cryptocurrency Bitcoin has been laying rather low in the past few days and now that the Bitcoin price is down by almost $200 from the days high recorded at $9195.
However, the Bitcoin price has been lowering down since the 24th of June when it was trading high above the $9600 mark after touching the $9700 mark twice on the 23rd of June.
Bitcoin price chart by Trading View
Bitcoin price expected to see a reversal
First things first, Bitcoin and head and shoulders pattern have a history together, may that be a reverse pattern and may that be a straight forward head and shoulders. In the past, we have seen as many as four head and shoulder patterns appearing together.
At the time of writing, BTC price stood at $8964.88 while Trading view analyst Trading Guru believes that the cryptocurrency is moving into the contemplation zone.
Bitcoin price chart by Trading View
Guru believes that the cryptocurrency moved into the Corona struck economic downturn that took the world by the strop in the mid of March 2020 and since then it has been in a recovery phase.
Guru expects that the king of cryptocurrency is going to go well past $10,000 mark in a coming couple of months and given the fact that Bitcoin has always shown tendencies to move above the mark in the Q3 and Q4 of a year it is very much possible that the cryptocurrency would hit the mark. However, shaky movements can be expected to move past on all sides.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
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