Is Bitcoin price back to $74,000? Analysts identify patterns that suggest that

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Bitcoin prices fell to their lowest levels in six months last week on Wednesday, April 9th. The flagship cryptocurrency has shown that President Donald Trump will recover above the $80,000 level after suspending trade tariffs in all countries except China.

BTC appears to be starting the weekend with a strong foot and will return late on Friday at over $83,000. However, the price of BTC appears to only enjoy temporary relief. This is because prominent crypto analysts are identifying patterns that can determine the trajectory of a coin over the coming weeks.

BTC with risk of alternative correction due to double-top patterns

In a post on the X Platform on April 11th, Crypto analyst Ali Martinez shared an interesting outlook on Bitcoin pricing following the recent recovery rallies. According to online experts, this latest surge could portend another Bitcoin price correction up to the level of around $74,000.

This bearish prediction is based on the potential formation of a “double-top” pattern of the first BTC chart in time. The double-top pattern is a technical analysis formation that looks like the letter “M” composed of two consecutive price tops.

The double-top pattern is usually a rare look on most charts, indicating that investors are trying to book profits from an expanded bullish trend. Therefore, the “M” pattern can be a strong signal of trader fatigue and bearish reversal.

Interestingly, the chart above shows that Bitcoin prices have just completed the “double bottom” pattern (opposite iterations of double tops) in hourly time frames. In the double top, the best cryptocurrency exceeded $83,000, reaching around $74,000 in the two-day space.

The price of the BTC appears to be marking the $84,000 mark, which makes it appear that a potential “M” pattern is formed every hour. If Bitcoin’s price doesn’t break the $84,000 resistance, the market leader could be preparing for another price collapse.

It’s worth noting that the support cushion around the $78,000 level, which last bounced over $83,000. However, what has been confirmed under this support area could mean a deeper fix to $74,000. This is almost a 15% drop from the current price range.