Bitcoin: Fatality?

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It’s totally bullish sentiment around the main coin.
Maybe it’s time to challenge that view?
I didn’t watch bitcoin for a long time and the eyesight became clear and not biased or influenced.
So, looking at the clean chart I detected the intermediate corrective structure of a contracting flat WXY (blue labels).
That model retraced the preceding wave (W) (white) for almost 61.8%, the classic level.
Now, we could have started another strong move down in white wave (Y).
If (Y) = (W) then we price should go in the negative territory, that’s why the zero should be the bottom.
Although we got negative oil futures price, it was only technical minus.

Do you think it is possible for bitcoin to totally lose its value as chart shows? Please share your opinion in comments below.