The analysis on HBARUSDT indicates a continued bearish outlook, with the price currently trading below a yellow trendline. The market has consistently formed three-wave movements to the upside from recent lows, failing to establish five-wave impulse structures. This suggests that any upward movements are corrective in nature within a larger downtrend. The current retracement is deep, retesting December swing lows. The speaker identifies that double bottom structures at these levels rarely hold, anticipating another low. A five-wave decline is projected, targeting the 78.6% Fibonacci retracement level around 0.088 cents. This decline is identified as a C-wave, potentially unfolding as a sideways triangle in the third wave down, eventually leading to an ending diagonal. Invalidation of this bearish scenario would occur with a break above the yellow trendline, which aligns with the last swing high around 0.121 cents. The overall expectation is for one or two more lows before a potential reversal attempt by the bulls.