$BTC 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. This trendline, which is visible on the weekly chart shared by Crypto Patel, acted as dynamic support throughout much of the 2023 to 2025 rally. It connected a series of higher lows and helped sustain the broader bullish structure that ended with Bitcoin reaching a peak price of $126,080.
Fibonacci Levels Point To $44,000 And $35,000
Bitcoin has been on a downward path since the beginning of the year, and the projection is that this will continue until it bottoms out around $35,000. This outlook is based on how much the Bitcoin price corrected in previous cycles.