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Bitcoin’s
higher-timeframe
structure
is
in
an
interesting
state,
according
to
crypto
analyst
Crypto
Patel,
who
is
of
the
notion
that
the
cryptocurrency
hasofficially
entered
bearish
territoryafter
breaking
a
long-term
support
level
at
$107,000.
Technical
analysis
of
price
action
on
the
weekly
candlestick
price
chart
shows
Bitcoin
is
now
in
this
bearish
territory,
with
a
projection
of
a
deeper
correction
to
as
low
as
$35,000
in
2026.
The
outlook
is
based
on
Fibonacci
retracement
levels
that
coulddetermine
Bitcoin’s
next
price
move.
Bearish
Territory
Kicked
In
After
Breakdown
Below
$107,000
The
outlook
of
this
technical
analysis
is
based
on
the
premise
that
Bitcoin
entered
into
bearish
territory
after
the
price
broke
down
below
a
major
higher-timeframe
ascending
trendline
around
$107,000.
This
trendline,
which
isvisible
on
the
weekly
chartshared
by
Crypto
Patel,
acted
as
dynamic
support
throughout
much
of
the
2023
to
2025
rally.
It
connected
a
series
of
higher
lows
and
helped
sustain
the
broader
bullish
structure
that
ended
with
Bitcoin
reaching
a
peak
price
of
$126,080.
Related
Reading
Bitcoin
Has
Officially
Entered
Bearish
Territory,
And
It’s
Headed
To
$35,000;
Chart
Shows4
minutes
ago
The
chart
shows
the
breakdown
zone
with
a
red
circle,
indicating
where
the
price
decisively
lost
that
upward
support.
After
the
breach,
Bitcoin
entered
into
a
changed
momentum
and
began
printing
lower
highs.
According
to
Patel,
that
trendline
was
the
line
in
the
sand,
and
losing
it
was
when
Bitcoin
officially
entered
bearish
territory.
The
market
now
needs
a
healthy
correction
before
the
next
leg
up.
Source:Chart
from
Crypto
Patel
on
XFibonacci
Levels
Point
To
$44,000
And
$35,000
Bitcoin
has
been
on
a
downward
pathsince
the
beginning
of
the
year,and
the
projection
is
thatthis
will
continue
until
itbottoms
out
around
$35,000.
This
outlook
is
based
on
how
much
the
Bitcoin
price
corrected
in
previous
cycles.
Related
Reading
Are
Institutions
Killing
Bitcoin
And
Ethereum?
Here’s
How
They’ve
Fared
Since
Companies
Got
Involved16
hours
ago
For
instance,
the
2018
bear
market
saw
an
approximately
84%
decline
from
peak
to
trough.
Similarly,
the
2022
correction
erased
roughly
77%
from
its
cycle
high.
In
both
instances,
these
deep
retracements
came
before
the
next
major
rally.
Based
on
that
historical
perspective,
a
move
below
$50,000
from
the
current
price
level
would
not
be
unprecedented.
Instead,
it
would
fit
within
Bitcoin’s
established
cycle
behavior.
The
projected
downside
targets
are
derived
from
Fibonacciretracement
levels
drawn
fromthe
October
2025
all-time
high.
Two
levels
stand
out
clearly
on
the
chart.
The
first
level
is
the
0.5
Fibonacci
retracement,
which
is
currently
around
$44,000.
The
0.5
Fibonacci
retracement
is
a
mid-cycle
pullback
level
and
has
always
attracted
strong
buying
interest
in
previous
corrections,making
it
a
possible
stabilization
pointif
selling
pressure
slows
down.
Should
Bitcoin
fail
to
find
support
near
$44,000,
then
the
next
level
is
the
0.618
Fibonacci
retracement
around
$35,000.
The
expectation
is
that
Bitcoin
will
eventually
bottom
at
$35,000
even
if
it
fails
to
hold
above
$44,000.
At
the
time
of
writing,
Bitcoin
is
trading
at
$63,740,
down
by
6%
in
the
past
24
hours.
BTC
trading
at
$63,657
on
the
1D
chart
|
Source:
BTCUSDT
onTradingview.comFeatured
image
from
Pngtree,
chart
from
Tradingview.com