BEARISH 📉 : Bitcoin may drop to $35,000 amid historical pattern repetition

Bitcoin's price action indicates a potential deeper correction. Analyst Chiefy notes that Bitcoin might be repeating macro structures observed after the 2017 and 2021 cycle peaks.

Key Observations

Bitcoin could fall to $35,000 if it follows past patterns.
Historical retracements were 84% in 2018 and 77% post-2021 peak.
Current correction from $126,000 resembles previous downturns.

Bitcoin chart by Chiefy

Market Influences

Weak demand for Bitcoin and Ethereum spot ETFs; net flows negative for last 90 days.
Increased whale inflows to exchanges like Binance contribute to selling pressure.
Notable increase in BTC inflows from whales observed since February.

Currently, Bitcoin trades at $66,015, down by 1.7% over the past 24 hours.