Bitcoin's price experienced a breakdown on May 11 and failed to reclaim the breakdown level, indicating that the ongoing decrease may continue. Technical analysis from the daily time frame suggests a bearish Bitcoin price prediction due to the creation and breakdown of a head and shoulders pattern. The daily Relative Strength Index (RSI) supports the continuing decrease, with a current reading below 50 indicating a bearish trend. There are two potential wave counts for future movement, with the bearish count suggesting a potential drop to $23,400 if the price breakdown follows the entire height of the pattern.
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