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$BTC About a month ago I pointed out that we were likely approaching the distribution phase of this pattern.
This turned out to be pretty accurate.
Just like earlier in this bear market, BTC first formed an accumulation range before pushing higher and sweeping liquidity above the highs.
Instead of a continuation to the upside, however, price transitioned into distribution and has since sold off more than 20%.
What's interesting is that the previous distribution phase continued with significantly more downside after the initial breakdown.
If the current structure continues to follow the same blueprint, it could suggest that there may still be additional downside ahead.