Bitcoin Price Eyes Drop to $74K as Whale Opens Another $140M BTC Short
Bitcoin’s technical analysis indicates the potential for a notable price correction, with a rising wedge pattern on the weekly chart pointing to a possible 34% decline to $74,000 if the $110,000 support level breaks. Bearish pressure is building as whale investors increase large short positions—one placing a $140 million short at 5x leverage, and another adding to a $500 million, 10x-leveraged downside bet. Analysts note that momentum is fading, and a break below the wedge could trigger a sharp drop, possibly in line with past corrections that retest previous highs around $74,000. Onchain metrics show market sentiment shifting towards “euphoria,” historically signaling market tops. While some suggest a major shakeout is possible, deep declines similar to past 80% crashes are considered less likely.
