After last week’s unexpected bearish turn, Bitcoin price action was fairly still over the weekend, with BTC barely holding above the $94,000 level. On Saturday, January 11, the major cryptocurrency briefly dropped below this level before reaching $94,870.

Interestingly, a top analyst at social media platform X has provided an engaging analysis of Bitcoin’s price, suggesting that the market leader may be at a pivotal moment. Is a bullish breakout possible for the BTC price, or is a deep correction more likely?

Bitcoin performance over the next few weeks

In a recent post on X, popular cryptocurrency analyst Ali Martinez weighed on Bitcoin’s price trajectory over the next few weeks. According to a market expert, the flagship cryptocurrency is currently set up in such a way that it could see an raise to $140,000 or a decline to around $67,000.

These projections are based on the formation of two patterns, namely a head and shoulders and a bull pennant, on the 12-hour BTC price chart. A pennant pattern is characterized by rising prices (flagpole) followed by a consolidation range with converging trend lines (pennant), while a head and shoulders pattern (as the name suggests) is characterized by three distinct price highs, including a higher “head” between the two lower “shoulders”.

A pennant chart pattern often serves as a bullish continuation pattern, suggesting a continued uptrend in prices. On the other hand, a head and shoulders pattern usually indicates a potential bearish reversal, signaling a transition from an uptrend to a downtrend.

As you can see in the chart above, Bitcoin’s price has not yet broken below the neck line of the head and shoulders pattern, which is often used as confirmation of a trend reversal. If the most critical cryptocurrency breaks the line set at around $93,000, its price could drop to as much as $67,000.

Martinez, however, noted that the next target could be higher if Bitcoin’s price holds above the neck line and breaks out of the bull pennant pattern. If this happens, the price of the market leader is expected to raise to around $140,000. This would represent an raise of almost 50% over the current price level.

Bitcoin price at a glance

At the time of writing, BTC is trading at around $94,600, which does not reflect any significant changes in the last 24 hours. According to CoinGecko data, the most critical cryptocurrency has fallen by almost 4% in the last seven days.

.Featured image from iStock, chart from TradingView