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 draw
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