Bitcoin Price Could Still Tumble Down To $109,000 — This Chart Pattern Suggests So

The Bitcoin price has been indecisive, fluctuating between $117,000 and $120,000 over the past week. However, it recently dropped to around $115,000 due to massive coin movements towards centralized exchanges. A prominent market expert, Aksel Kibar, has predicted a bearish outlook for Bitcoin's price over the next few weeks. Kibar believes the price could fall to around $109,000 in the coming days. The analyst's bearish stance is based on the inverse head-and-shoulder pattern on the Bitcoin price chart on the weekly timeframe. Typically, this pattern signals a bullish breakout, but Kibar notes that most breakouts are followed by pullbacks and retests rather than straight rallies. Since May 2017, Bitcoin has witnessed more retests or pullbacks than straight rallies after a head-and-shoulder pattern breakout. If the price follows this trend, it could return to the neckline, around $109,000, representing a 5% decline from the current price. As of now, the Bitcoin price stands at around $117,323, reflecting a 0.6% decline in the past 24 hours. The market leader seems to be recovering from its recent fall, but the bearish projection suggests a possible downward spiral in the coming days.