According to pseudonymous trader Rekt Capital, if Bitcoin BTC/USD repeats its 2015 price action, it could go through a significant correction.
In a tweet on Friday, Rekt said Bitcoin’s price could drop even further.
Rekt explained that Bitcoin could plunge to its critical psychological support at around $20,000 if the crypto trades below resistance at $27,000.
However, the crypto analyst said that Bitcoin still needs to reclaim the $28,800 level on the weekly.
Rekt also said that Bitcoin is flashing a bearish signal on the daily timeframe as it now trades below the neckline of a head-and-shoulders pattern at $27,000.
He added that BTC’s inability to reclaim $27,000 as support would likely confirm a reversal pattern.
At the time of writing, Bitcoin was trading at $27,032, about 7 percent down in the last seven days.
Meanwhile, another crypto analyst Tone Vays said that the chances of Bitcoin surging by over 30% from the current levels are higher than the probability of the crypto asset plunging to around $22,000.