Bitcoin may face a downside potential to $73,000 if it breaks below its support level at around $90,680, according to Kim Kramer Larsson, an analyst at Saxo Bank.

The largest cryptocurrency by market capitalization BTCUSD has fallen 3.9% over the past five days while it is up 2.6% on Friday to trade at around $94,061, according to the Dow Jones Market Data. The crypto is roughly 13.2% away from its record high at $108,309, reached on Dec. 17.

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Bitcoin is forming a top based on the so-called shoulder-head-shoulder pattern, a chart formation in technical analysis that predicts a bullish-to-bearish trend reversal, Kramer Larsson wrote in a Friday post on X.

A head-and-shoulders pattern usually consists of three peaks, with the outer two close in height and the middle one being the highest.

If bitcoin breaks below its neckline support at around $90,680, it could potentially fall to $73,000 next, noted Kramer Larsson.

Some traders have been taking profits as bitcoin rose 120% in 2024.

Read: Higher bond yields could knock bitcoin back down to $90,000

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