Bitcoin still risks falling to $80,000 in a bull market correction, the latest prediction from a popular chart analyst warned.

In X posts on Dec. 26, chartered market technician Aksel Kibar revealed a Bitcoin ( BTC ) price target near some older all-time highs.

BTC price teases uptrend reversal pattern

Bitcoin has failed to recover $100,000 support over the past week, and downside BTC price targets range from $90,000 to as low as the mid-$60,000 range .

For Kibar, the reality may lie somewhere in the middle.

Analyzing daily timeframes, he flagged what could become a head-and-shoulders pattern, a classic feature marking an uptrend breakdown.

“Breakout from the broadening chart pattern that completed on $BTCUSD... the pullback can take place with a possible short-term HS top. (IF) the right shoulder becomes better defined…,” he said.

“Keep this possibility on your watchlist.”

Another post mapped out how low BTC/USD could go should such a scenario play out.

Kibar added:

“If the pattern acts as a HS top, the price target is at 80K. This can be the pullback to the broadening pattern that completed with a breakout above 73.7K.”
Bitcoin 'head and shoulders' pattern risks $80K BTC price dip — Analyst image 0

BTC/USD 1-day chart. Source: Aksel Kibar/X

Responses to the analysis suggest most assume the correction may not end up being so deep — something Kibar said reinforced his position .

Bitcoin whales hint at bull market return

Meanwhile, Bitcoin bulls have yet to gain sufficient momentum to fend off snap rejections at levels such as the 21-day simple moving average , currently at $99,425. 

Related: BTC price risks $20K crash: 5 Things to know in Bitcoin this week

News of erroneous TradingView data showing Bitcoin market dominance at 0% caught traders’ attention during a Boxing Day sell-off .

However, despite the lack of bullish progress, there are signs of a crypto market comeback.

“After the post-Christmas market-wide dip, crypto markets are seeing an encouraging trend of whales moving stablecoins to exchanges,” research firm Santiment said in its latest analysis uploaded to X on Dec. 27.

Referencing one of its proprietary analytics tools, Santiment described monitors as “being dominated by stablecoin deposits to exchanges.”

“Though it’s not a guarantee that these whales plan to put this dry powder to use right away, consider this a bullish sign as 2024 sees its final days,” it concluded.

As Cointelegraph reported , the US spot Bitcoin exchange-traded funds (ETFs) squeezed out a net inflow day after four “red” days where net outflows passed $1.5 billion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.