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Bitcoin (BTC)<\/a>, the largest cryptocurrency by market capitalization, may experience a price correction if a potential pattern on its daily chart is validated.<\/p>\n Ali<\/a>, a cryptocurrency analyst, points out a potential head-and-shoulders pattern forming on the Bitcoin daily chart.<\/p>\n There’s a lot of talk around a potential head-and-shoulders pattern forming in #Bitcoin<\/a> daily chart. Let\u2019s dissect it!<\/p>\n The $BTC<\/a> daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the\u2026 pic.twitter.com\/h7CiwRFcHb<\/a><\/p>\n \u2014 Ali (@ali_charts) October 22, 2023<\/a><\/p><\/blockquote><\/div>\n The head-and-shoulders chart pattern is depicted by three peaks, with the center peak being the highest. The head-and-shoulders chart shows a bullish-to-bearish trend reversal and might indicate that an upward trend is coming to an end.<\/p>\n Aside from that, Ali stated that the TD Sequential indicator on the BTC daily chart may hint at a possible sell signal. Also, the RSI has reached 74.21 \u2014 a level that has triggered sharp corrections since March.<\/p>\n Having said this, Ali believes an impending price correction might be on the horizon until BTC manages to log a daily candlestick close to over $31,560. In the event of a price correction, Bitcoin might reach $29,500 or even $28,630.<\/p>\n At the time of writing, BTC was up 2.19% in the last 24 hours to $30,601.<\/p>\n If history is any indicator, Bitcoin’s current advance, spurred by optimism about new demand from exchange-traded funds, may have further to run.<\/p>\n Bitcoin<\/a> gained 10.29% in the last seven days, the highest weekly gain since June, as traders bet on the first U.S.-spot bitcoin ETF being approved in the coming weeks.<\/p>\n Bloomberg<\/a> observed that weekly gains of at least that magnitude have predicted a 10% average Bitcoin rise over the next month for the past five years.<\/p>\n\n
History suggests otherwise<\/h2>\n
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