Bitcoin Forms Risky Head-And-Shoulders Pattern, Points To $44K Target

Bitcoin is experiencing a steady decline, as prices dipped below $60,000 in the past week. The leading cryptocurrency has struggled to sustain upside momentum after multiple rejections at the $82,000 price level over the last month. Meanwhile, analysts remain divided between the potential of a resurgence and the possibility of another extended correction. Market expert Leshka.eth, with X username Leshka.eth, has aligned with the pessimists, sharing a recent analysis projecting a 41% decline in Bitcoin’s price.

26 EMA Rejection Confirms Brewing Selling Pressure

In an X post on May 22, Leshka.eth shares a bearish price projection for Bitcoin, anchored in the formation of a Head & Shoulders pattern, a negative chart formation that signals a potential reversal of an existing trend, typically from bullish to bearish. It is characterized by three peaks, with the middle peak, i.e., the head, higher than the two surrounding peaks, called the shoulders, while a neckline drawn across the lows between these peaks acts as a key support level.

According to Leshka.eth, the forming H&S pattern on the BTC weekly chart indicates an incoming reversal of the price gains accumulated all through 2024 and 2025. The analyst notes that the chart pattern has recorded two key developments, beginning with a retest of the $68,000 neckline, market intentions to reevaluate this region as a key area for further downside pressure. Furthermore, the Bitcoin price recorded a rebound that was firmly rejected at the 26-period exponential moving average (EMA), indicating that upward momentum is weakening at this dynamic level and adding further weight to the bearish outlook implied by the pattern.

Meanwhile, the right shoulder failed to reach the same height as the left shoulder, suggesting a gradual buildup of selling pressure. All these events point to an impending validation of the H&S formation, which is expected to trigger a major downswing. In this case, Lesksha.eth predicts Bitcoin would crash to around $44,000 in a measured move, aligning with the next significant support below the neckline. While not explicitly stated by the analyst, such a price move could mark the anticipated cycle bottom, needing to kickstart the next market bull run.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $75,484, reflecting a 2.66% decline in the past day. Meanwhile, the daily trading volume is up 2.65% to $27.65 billion.