The analyst believes Bitcoin has now followed the structure he previously warned about, moving into a bull trap near $83,000 before rejecting and falling to as low as $74,000. The trendline behind that rejection is important because it connects the early 2021 and mid-2021 cycle tops, stretches through Bitcoin’s first breakout above it in 2024, later acted as support in early 2025, and has now returned as resistance around the $83,000 zone.
The Levels That Now Matter Now with the initial phase of Chiefy’s projection already confirmed, the next important thing is what comes next. Notably, there are three downside targets if Bitcoin continues to follow the pattern: $68,000, $61,000, and $48,000.
