Bitcoin Could See New Drop To $60,000 Despite Bounce

As the crypto market recovers from last week’s correction, Bitcoin (BTC) is attempting to reclaim a crucial price zone. Despite the bounce, some analysts have warned that the bottom may not be in yet, suggesting the flagship crypto could soon retest its recent lows.

Bitcoin Bottom Below $60,000, Says Analyst

On Monday, Bitcoin continued its sideways move, trying to turn a key area into support for the third consecutive day. After hitting a two-year low of $60,000 last week, the flagship crypto has bounced 17.5% to trade between $68,000 and $72,000 over the past few days.

Nonetheless, the cryptocurrency has failed to reclaim the upper zone of its short-term price range, raising questions about the direction of BTC’s next move.

As the price recovered, Crypto Bullet noted that the BTC printed a “strong weekly close” above the 200-week Exponential Moving Average (EMA), leaving Thursday’s correction as a long wick.

The analyst cautioned that these wicks have usually been filled the following week, pointing to the late February 2025 and early October 2025 corrections and the subsequent performance.

BTC bounces from the MA200 after the recent correction. Source: Crypto Bullet on X

Based on this, he suggested that Bitcoin could retest the $60,000 area again, where the 200-week Moving Average (MA) is also located. Similarly, Ted Pillows highlighted BTC’s Monday bounce above $70,000, asserting that the key level to defend is the $68,000 support, where the EMA200 sits.

If the price fails to hold this level, the market observer suggested a deeper correction could be expected, with Bitcoin risking a drop below the recent lows if that level also fails to hold.

Meanwhile, Ali Martinez hinted that BTC’s bottom might not be in, as “Bitcoin has historically bottomed around the −1.0 MVRV Pricing Band.” According to the chart shared on X, that level currently sits at $52,040.

BTC To See Leeser Relief Rally?

Another market watcher highlighted BTC’s macro descending triangle pattern, which it has been forming in the monthly timeframe since mid-2024, suggesting that its potential bounce could be a “lesser relief rally compared to the 2024-2025 advance to the upside.”

Rekt Capital noted that upon breakdown from its macro triangles, Bitcoin tends to react from the 50-Month EMA. However, it has historically been followed by a downside deviation below this level.

“When viewed through the lens of the Macro Descending Triangle, history shows that Bitcoin has consistently failed to revisit the base of the Macro Triangle following breakdowns, which means BTC may fall short of $82.5k on any upcoming relief rally.”

To the analyst, if BTC can build support above the $71,000 area, where the post-halving accumulation breakout occurred, the price could attempt a move into the mid-$70,000.

Related Reading

However, the flagship crypto “is still negotiating whether it will locate itself within the Post-Halving Range,” and has not decisively reclaimed the upper zone of its current range as support, “is instead showing early signs of flipping into resistance on the Weekly timeframe.”

As a result, Bitcoin could consolidate around its post-halving range again if the $70,000 mark confirms as resistance. “At roughly 30% of the way through this part of the market cycle, there remains ample time for further structural movement to unfold but history suggests whatever clustering develops will likely be distributive before continuing additional Bearish Acceleration,” Rekt Capital concluded.