Bitcoin is experiencing a steady decline, as prices dipped below $60,000 in the past week. The leading cryptocurrency has struggled to sustain upside momentum after multiple rejections at the $82,000 price level over the last month. Meanwhile, analysts remain divided between the potential of a resurgence and the possibility of another extended correction. Market expert Leshka.eth, with X username Leshka.eth, has aligned with the pessimists, sharing a recent analysis projecting a 41% decline in Bitcoin\u2019s price.\n<\/p>\n
In an X post<\/a> on May 22, Leshka.eth shares a bearish price projection for Bitcoin, anchored in the formation of a Head & Shoulders pattern, a negative chart formation that signals a potential reversal of an existing trend, typically from bullish to bearish. It is characterized by three peaks, with the middle peak, i.e., the head, higher than the two surrounding peaks, called the shoulders, while a neckline drawn across the lows between these peaks acts as a key support level.\n<\/p>\n $BTC<\/a> printing a H&S on the weekly since 2024<\/p>\n Neckline $68K retested from below, 26 EMA then confirmed the rejection from above<\/p>\n Right shoulder is weaker than the left, which historically means the selling pressure is building<\/p>\n If the pattern completes, measured move targets $44K pic.twitter.com\/Kqs0xFTMGO<\/a><\/p>\n\n
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(@leshka_eth)