$BTC The Macro Prospect of Bitcoin Seems to Indicate a 37% Correction‼️‼️
This structural weakness aligns with the bearish macro pattern observed on the chart. Bitcoin is currently moving down from a Head and Shoulders pattern that has formed over several months. This pattern has a projected decline of around 37%, leading to US$51,511 if fully realized.
A sharp 20% drop in the past week has accelerated this breakdown. Strong selling pressure confirms the breach of the neckline of the pattern, thereby providing stronger bearish momentum. Movements like this are often followed by further declines as trapped long positions begin to open.
The next important support below US$70,000 is at the level of US$68,072. If this level is lost, the bearish projection could be confirmed.
If a decisive breach occurs, it is likely to trigger additional liquidations, increasing volatility, and accelerating price movements towards lower structural levels.
