Golden Finance reported that Omkar Godbole, a technical analyst on the CoinDesk market team, said that since late November 2024, the BTC trend has evolved into a "head and shoulders" (H&S) pattern among technical indicators, indicating that the bullish trend will change from bearish to bullish. Analysts say the first failed attempt to break above the $100,000 mark in November marked the first shoulder pattern. This was followed by a head pattern that quickly fell back to $92,000 from the all-time high of over $108,000 set in the second half of December. Meanwhile, a 5% drop to nearly $97,000 hints at the formation of a right shoulder. If the sell-off continues and price breaks below the neckline (the horizontal trendline connecting the bottoms of the two shoulders), the bearish head and shoulders reversal pattern will be confirmed, and a move below this level could signal a continuation of the decline to around $75,000.