Technical analyst Willy Woo predicts that Bitcoin (CRYPTO:BTC) could see further declines, potentially dropping to around $47,000 due to ongoing market corrections exacerbated by futures traders.

Despite recent accumulation patterns observed in Bitcoin ETFs and steady inflows, Woo highlights selling pressures from the German government and Mt. Gox redemptions as contributing factors to recent price declines.

He emphasises that Bitcoin miners' ongoing sell-offs and speculative trading activities in the futures market are adding to the bearish sentiment, making it challenging for BTC to surpass resistance levels near $58,000.

Woo suggests that while the market remains in a consolidation phase within a broader bull market, investors should brace for potential volatility and further price adjustments in the near term.