“BTC has reached the $19,700s after confirming the breakdown from its bearish Double Top formation. However, a Double Top technical target for $BTC is around the low $19,000s. So some additional downside is not out of the question.”

According to the analyst, this outlook for Bitcoin price follows the loss of $21,700 as a support validation point for bulls. The failure for price to hold above this point validated a Double Top formation, and from a technical analysis perspective, BTC may now break to the lows of $19,000s for if the technical picture suggested by the pattern completes.

Rekt Capital shared this prediction for Bitcoin price in a forecast shared on Twitter before today’s breakdown to $19,600 lows across major exchanges. He had highlighted the double top formation on Bitcoin’s weekly chart, noting the potential decline as bulls wrestled with resistance around $22,444.

From a technical point of view, this level had acted as an important “reference point” for buyers. However, as Rekt appears to have correctly predicted, the continued failure to break higher risked Bitcoin price dropping to $21,700.

Here’s the chart the analyst shared earlier this week (on 7 March).

Over the past three days, Bitcoin has traded lower amid multiple negative triggers. That included the troubles around Silvergate Capital (NYSE: SI), a negative catalyst that only got more damaging with news of its impending shut down. As Invezz covered on Monday, Bitcoin and crypto had seen a generally “uninspired” start to the week following the Silvergate Bank reports.

On Thursday, more bad news for crypto surfaced with the New York Attorney General filing a lawsuit against crypto exchange KuCoin for offering unregistered securities. The lawsuit included Ethereum as one of the security tokens. Also triggering bloodbath on the crypto streets was reports that the US government wanted to increase taxes levied on Bitcoin mining and uncertainty around Silicon Valley Bank.

Binance CEO Changpeng Zhao tweeted about these events that all happened in the past 24 hours. He noted that despite all the negative headlines, Bitcoin was “still producing blocks.”