Crypto analyst Merlijn The Trader has warned that Bitcoin could face a significant decline to between $45,000 and $59,000 if it fails to maintain a price above $78,000. Using a weekly-candlestick framework, Merlijn suggests that Bitcoin's current market behavior mirrors a six-phase cycle similar to 2021. He identifies Bitcoin as currently being in the redistribution phase, which could lead to a deeper accumulation phase unless the $78,000 level is held. Merlijn's analysis indicates that if Bitcoin closes multiple weekly candles above $78,000, it could bypass the deeper accumulation phase and move directly into re-accumulation, potentially leading to a major rally. As of now, Bitcoin is trading around $77,500, having briefly dipped below $77,000 on May 18. Traders are advised to monitor weekly price movements around the $78,000 mark as a critical indicator of future trends.