Bitcoin (BTC) Could Be Headed for a Potential Downturn, According to a Technical Analyst Citing On-Chain Data and Expert Analysis

Bitcoin's BTC/USD could be headed for a potential downturn, according to a technical analyst citing on-chain data and expert analysis.

Bitcoin Price BTC/USD Poised For Potential Downturn, Technicals Insinuate

Bitcoin (CRYPTO: BTC) could be poised for a potential downturn, according to a technical analyst citing on-chain data and expert analysis.

Here's a breakdown of the key perspectives and statistics:

Renowned technical analyst @PeterLBrandt highlighted that Bitcoin is forming a broadening triangle on the daily chart, which could be signaling a potential breakdown. If this occurs, Brandt anticipates a retracement to the $70,000 zone.

eslight support is present until $70,085, making a price correction to $70,000 seem plausible, as Bitcoin trades below $93,806.

Over the past week, 33,000 BTC ($3.23 billion) have been transferred to exchanges, which could be a precursor to selling pressure.

On Dec. 23, traders realized significant profits, with $7.17 billion being taken off the table.

Long positions on Binance have decreased sharply, going from 66.73% to 53.60%.

Bitcoin recently dipped below a critical support zone at $97,300.

For the bearish scenario to be invalidated, Bitcoin must reclaim this level and maintain a daily close above $100,000.

If this occurs, a sustained recovery could target $168,500.