Bitcoin's price has struggled since reaching $108,353 on December 17, recently falling below $92,000, raising concerns about a bearish head and shoulders chart pattern. Analysts warn that consecutive daily closes below the neckline at $92,000 could result in a further decline to an expected target of $79,500. Chartered market technician Aksel Kibar suggests that if confirmed, the price target might be around $80,000. Recent market movements show that dips have been bought briefly but faced selling pressure upon approaching the intraday highs. Notably, the trader Skew reports a predominance of shorts in the market, indicating expectations of a breakdown from the current price levels. He emphasizes the critical nature of the $94,000 mark; failing to reclaim this level could lead to a more significant price drop. For the bearish pattern to be invalidated, Bitcoin must maintain a range between $94,000 and $99,000, culminating in series of 4-hour closes above $94,000 during the trading day.

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