Bitcoin Has Officially Entered Bearish Territory, And It’s Headed To $35,000; Chart Shows
Bitcoin’s higher-timeframe structure is in an interesting state, according to crypto analyst Crypto Patel, who is of the notion that the cryptocurrency has officially entered bearish territory after 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 could determine 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
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