Bitcoin price seems to be repeating the head and shoulder pattern over the past few weeks as the price bar hits new lows. Another formation is in place at the time of writing.
Bitcoin price movement
Bitcoin entered the first head and shoulders formation (formation A) on the 7th of October, and the price went as high up as to eight thousand and seven hundred dollars ($8700) range. But by the time the formation ended on the 13th of October, BTC price stood in the eight thousand and two hundred dollars ($8200) range.
However, the dip prolonged until the 15th of October, and on the 16th of October, BTC entered the second yet smaller repeat of the head and shoulders.
Bitcoin price prediction: Another dip imminent
It appears that the Bitcoin price trend can go into a back to back head and shoulders situation here since the shoulder for one pattern extends into the shoulder for the currently forming pattern.
If the Bitcoin price prediction on head and shoulder position plays out, the Bitcoin price will beak past the current support point at eight thousand dollars ($8028) mark.
However, if the market is able to sustain the current pressure and break it past the eighty-five hundred dollars ($8500), resistance mark BTC price will easily hit the ninety-five hundred dollars ($9500) mark.