Bitcoin May Lose 30% Off Price: Bollinger Bands

Key Points

1. Bitcoin's weekly Bollinger Bands suggest a potential 30% price drop, similar to a previous pullback from its peak.

2. The lower Bollinger Band is currently at $74,200, a key support level tested in the past.

3. The RSI is fading below 64, indicating weakening momentum, though Bitcoin still holds above short-term support levels.

4. The current setup lacks a volume spike or sudden candle, resembling a slow unwinding pattern seen earlier.

5. Bulls still have a chance to reverse the trend, but historical patterns suggest a possible retracement.