Bitcoin Has Officially Entered Bearish Zone, And Headed For $35,000; Chart shows
Bitcoin’s long-term structure is in an interesting position, according to crypto analyst Crypto Patel, who has an opinion that the cryptocurrency has. officially entered bearish territory after breaking the long-term support level at $107,000.
Technical analysis of the price action on the weekly candlestick price chart shows Bitcoin is now in a bearish territory, with speculation of a deep correction up to $35,000 in 2026. The idea is based on possible Fibonacci retracement levels find the next price movement of Bitcoin.
Bearish Territory Entered After Break Below $107,000
The opinion of this technical analysis is based on the premise that Bitcoin entered bearish territory after the price dropped below the rising bullish timeline around $107,000. This trendline, that is seen on the weekly chart shared by Crypto Patel, served as strong support throughout most of the 2023 to 2025 rally. It connected a series of higher lows and helped support a broader bullish formation that ended with Bitcoin reaching a high of $126,080.
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The chart shows a breakout area with a red circle, indicating where the price has clearly lost that upper support. After the breach, Bitcoin entered a reversed course and started printing lower prices. According to Patel, that trajectory was a line in the sand, and a loss is when Bitcoin officially enters bearish territory. The market now needs a healthy correction before the next leg up.
Fibonacci Levels Point To $44,000 And $35,000
Bitcoin was on the way down since the beginning of the year, and guess what this will continue until the down payment is approximately $35,000. This opinion is based on how much the value of Bitcoin has adjusted in previous cycles.
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For example, the 2018 bear market was down about 84% from peak to trough. Similarly, the 2022 correction has erased about 77% from the high. In both cases, this deep restoration came before the next great meeting.
Based on that historical perspective, a move below $50,000 from the current price level would not be unprecedented. Instead, it would fit within the behavior of the established Bitcoin cycle.
The target target is taken from Fibonacci rates of return taken from it the highest value of 2025. Two levels stand out clearly on the chart. The first level is the 0.5 Fibonacci retracement, currently around $44,000. The 0.5 Fibonacci retracement is a pullback level during the cycle and has been attracting strong buying interest in previous corrections, which makes it a possible stability point if the sales pressure decreases.
If Bitcoin fails to find support near $44,000, the next level is the 0.618 Fibonacci retracement around $35,000. The expectation is that Bitcoin will end up at $35,000 even if it fails to hold above $44,000. At the time of writing, Bitcoin is trading at $63,740, down 6% in the last 24 hours.
Featured image from Pngtree, chart from Tradingview.com
