Bitcoin has started the week deep in the red with a decline of around 5% on the day as it fell to just over $80,000 during early trading in Asia on Monday morning.

Analyst and chart guru Peter Brandt identified the completion of a double top chart pattern, with the asset topping out at $108,000 in December and again in January before retreating back to five figures.

The top was retested by a pennant pattern, which has now completed confirming a bearish chart, he added before saying, “Dont shoot the messenger.”

BTC needs to reclaim the high $90,000 price level to turn positive again, he said.

1. Market completes double top

2. Top retested by pennant

3. Pennant completed, confirms bearish chart

Bitcoin $BTC

Dont shoot the messenger

Price must recapture #2 to turn positive pic.twitter.com/PE9jlwYIiO

Long Term Still Bullish

BTC has been trending down since mid-January and has now corrected 25% since its all-time high earlier this year. A correction of this magnitude is nothing new in a bull market, and previous cycles have seen larger pullbacks, so prices could drop even further.

BitMEX co-founder Arthur Hayes predicted further losses on X on March 9, saying that BTC would retest $78,000, where it last hit on Feb. 28.

“If it fails, $75,000 is next in the crosshairs,” he added.

Meanwhile, founder and CEO of Professional Capital Management, Anthony Pompliano, observed that the Fear and Greed Index for crypto one year ago was at extreme greed of 92, and today it is at extreme fear of 17.

“Bitcoin is 20% higher over the same time frame,” he said before adding, “Dont get tricked by online sentiment. It is all noise.”

Bitcoin pioneer Adam Back was also bullish, saying that people are undervaluing the US strategic Bitcoin reserve announcement:

“It is huge for moving the overton window, the actual US government promoting Bitcoin. provides the new ultimate reference for sovereign wealth funds, pension funds, mutual funds to add bitcoin allocations.”

people are undervaluing the US strategic bitcoin reserve announcement: it is huge for moving the overton window, the actual US government promoting bitcoin. provides the new ultimate reference for sovereign wealth funds, pension funds, mutual funds to add bitcoin allocations.

Price Leads Narrative

Analyst Miles Deutscher was a little more pragmatic, saying that “price often leads narrative.”

“Even though it seems like there is no north star right now, at any point, we could see a huge rally and everyone will create reasons to be bullish again,” he said before adding that it has happened time and time again.

BTC was trading down 4.3% on the day at $82,394 at the time of writing and had lost 11% over the past seven days.