Bitcoin has lost altitude again, slipping below $60,000 at one point over the past week as the market struggles to reclaim sustained upside. The benchmark crypto has been repeatedly rebuffed near $82,000 throughout the last month, and traders are increasingly split between hopes for a rally and warnings of a deeper correction. One of the more bearish takes comes from market analyst Leshka.eth (X: @leshka_eth). In a May 22 post, Leshka laid out a technical case for a pronounced downturn on Bitcoin’s weekly chart, projecting a roughly 41% drop to about $44,000 if the pattern plays out. What Leshka sees - Head & Shoulders on the weekly: Leshka says BTC has been printing a classic head & shoulders formation — a three-peak pattern that often signals a reversal from bullish to bearish. - Neckline breakdown: The analyst notes the $68,000 “neckline” was retested from below, signaling the breakdown may be holding as resistance rather than support. - 26-period EMA rejection: A rebound attempt ran into the 26-week exponential moving average and was rejected, which Leshka interprets as weakening upside momentum. - Weaker right shoulder: The right shoulder failed to match the left in height, suggesting mounting selling pressure ahead of a potential completion of the pattern. - Measured move target: If the Head & Shoulders completes, the standard measured move points toward roughly $44,000 — a level Leshka flags as the next meaningful support and a possible cycle bottom. Context and caveats Analysts remain divided — many technical traders treat Head & Shoulders patterns seriously, but chart patterns are probabilistic, not guaranteed. A move to ~$44,000 would represent a large drawdown from recent highs and could mark the low that precedes the next bull phase, but that outcome is not certain. Market snapshot At the time of writing, Bitcoin trades near $75,484, down about 2.7% on the day. Daily volume sits around $27.65 billion, up roughly 2.7%, reflecting elevated activity as traders react to price swings and competing technical narratives. Bottom line: the technical case for a deeper correction has gained traction after failed rallies and key moving-average rejections. Traders will be watching the $68,000 region and weekly structure closely — a confirmed breakdown there could accelerate downside toward the $44,000 target Leshka outlined, while a sustained reclaim of resistance levels would undermine that bearish scenario.
Analyst Predicts BTC Could Drop to $44K if Head & Shoulders Pattern Completes
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Summary
BTC price has failed to hold above $60,000 in recent weeks, with traders watching for signs of a deeper correction. Analyst Leshka.eth highlighted a potential 41% drop to $44,000 if the Head & Shoulders pattern completes on the weekly chart. Key signs include a failed neckline retest at $68,000 and a weak right shoulder. Traders are closely monitoring altcoins to watch for correlated moves as BTC price nears critical support levels.
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