Bitcoin’s rising wedge pattern indicates a potential drop to $74,000 if key support fails. A new whale has placed $140 million in short bets on BTC. Technical setup suggests a deeper correction is possible, with a bearish target at $74,000, representing a 34% decline from the current price. Whales increasing short exposure to BTC.

Bitcoin bears have intensified their short exposures, with a Hyperliquid whale placing a $140 million short position at 5x leverage. Another whale, 0xc2a3, opened a 5x short on $140M BTC with a liquidation price of $137,700. More whales are betting on Bitcoin’s downside, adding to significant short positions.

Onchain data reveals a shift from “optimism” to “euphoria” in the ratio of unrealized profit and loss (NUPL), a trend preceding blow-off tops. Analysts warn of a potential major shakeout in the market before Bitcoin returns to all-time highs above $126,000. Technical and onchain metrics suggest a worst-case scenario drop to $74,000 if $110,000 support fails.

Read more at Cointelegraph: Bitcoin Price Eyes Drop to $74K as Whale Opens Another $140M BTC Short