The cost of one Bitcoin could end up plunging below its 2017’s record high of $20,000.

That is, according to a pseudonymous analyst, who determined the cryptocurrency’s bearish outlook based on a classic head and shoulder pattern. As of early Wednesday, BTC/USD had painted four out of five key components that confirm the said reversal indicator. They included three peaks with the middle one larger than the others, supported by a so-called neckline.

“If we are going to below $30,000, the previous [neckline] support will turn into resistance […] We could fulfill the H&S pattern’s price target, which could take the price below the $20,000 level,” the analyst warned.

Bitcoin H&S Pattern and its breakout target area, as highlighted by MM Crypto. …