Bitcoin Technical Analysis Warns of Potential 34% Decline

A technical analysis of Bitcoin's price chart has raised concerns about a potential decline in the cryptocurrency's value. The analysis, conducted by crypto analyst philarekt, points to a comparison between the 2021-2023 cycle and the current cycle, which shows a similar pattern of lower highs and lower lows.

The fractal, which is based on a side-by-side comparison of two weekly Bitcoin charts, suggests that the current cycle may be following the same path as the 2022 cycle. During this time, Bitcoin's price dropped by over 50% from its peak to its absolute cycle bottom.

If this sequence continues, philarekt predicts that Bitcoin could drop by as much as 34% from its current price. This would put the cryptocurrency in a range of $40,000 to $50,000, which is significantly lower than its current value.