This is about as classic a textbook head and shoulders setup as we could ever ask for. A breakdown of support in the 13,700 range could lead to a drop to 12,000 - 11,500, or even lower. Guessing we'll see another panicked selloff if this support breaks, as people start to realize that yes, BTC can drop. This might shake a lot of the 'non-trader' participants out of the market for a while, leading to a much more cautious rebound.
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BTC broke the 13,700 mark and is now under 13,000. And so it begins.