Bitcoin dipped below $60,000 sometime in the past week, and the recovery since hasn't convinced everyone. The leading cryptocurrency has been struggling to hold gains after multiple rejections at the $82,000 level over the last month. Now one analyst is calling for a deeper slide — down to $44,000.
The chart pattern making bears bold
Market expert Leshka.eth is pointing to a Head & Shoulders pattern on Bitcoin's weekly chart. The formation shows a neckline at $68,000, a rejection at the 26-period exponential moving average, and a right shoulder that looks weaker than the left. That weakness, they argue, signals building selling pressure. The measured target from the pattern? A 41% decline to $44,000.
Why the right shoulder matters
In a classic Head & Shoulders setup, the right shoulder should mirror the left in terms of volume and momentum. When it doesn't — when the shoulder is noticeably smaller or forms on declining volume — it often means buyers are losing conviction. Leshka.eth's read is that the rejection at the 26-EMA and the weaker right shoulder suggest the recent bounce is running out of steam.
At the time of writing, Bitcoin sits at $75,484, down 2.66% in the past 24 hours. Daily trading volume ticked up 2.65% to $27.65 billion — not a panic surge, but enough to show the selloff has some traction.
Analysts split on what comes next
Not everyone is buying the bearish thesis. Some analysts see the same data and argue that a failed Head & Shoulders — where price breaks back above the neckline — could trigger a sharp squeeze higher. The $68,000 level is the line in the sand. Hold that, and the pattern invalidates. Lose it, and $44,000 becomes the floor to watch.
The timing isn't great for bulls. Bitcoin has been rejected at $82,000 multiple times, and each rejection makes the next attempt harder. Still, this week's dip below $60,000 was brief, and the market quickly recovered above $75,000. Whether that bounce has legs or just resets the pattern is the open question.
