Bitcoin Price Could Still Tumble Down To $109,000: Dissecting the Bearish Chart Pattern

Introduction
Bitcoin's price has recently been on a rollercoaster ride, oscillating between a consolidation zone of $117,000 to $120,000 over the past week. However, recent activity—with extensive coin flows to centralized exchanges—has led to a sharp decline toward the $115,000 mark, sparking concerns over a deeper bearish trend.

What the Recent Chart Pattern Indicates

• Consolidation Phase: The recent price range suggests consolidation, typical of preparation for a breakout or breakdown.
• Bearish Signals: The sudden move toward $115,000, accompanied by a surge in centralized exchange volume, hints at early stages of a more prolonged downward spiral.
• Expert Outlook: A notable market expert has projected that Bitcoin's bearish momentum could drive prices down further to around $109,000 in the coming weeks.

Strategic Takeaways for Investors

• Monitoring Market Movements: Stay alert to any unusual volume dynamics, particularly the movement of coins to centralized exchanges which can precede major price drops.
• Portfolio Diversification: As uncertainty looms, consider how to build a crypto portfolio that can withstand market volatility—balancing Bitcoin exposure with altcoins may be prudent.
• Crypto Tax Tips: With increased trading activity, ensure you’re up to date with your crypto tax planning to manage potential liabilities.

Conclusion
The current technical indicators and market sentiment suggest that Bitcoin might be at the onset of a significant downward shift. Investors should remain cautious, continuously monitor the charts, and update their crypto portfolio strategies accordingly. Whether you’re a seasoned trader or a newcomer looking for essential crypto tax tips, staying informed is the key to navigating the volatile cryptocurrency market.