Bitcoin’s price has been stabilizing around $60,000, hinting that it might have reached its lowest point. While investors are still somewhat hesitant, we’re seeing some signs of a rebound, suggesting buyers are returning. If this is the end of the recent downturn, it could be the start of a new, longer-lasting bear market. However, it’s still possible the price could fall further before truly bottoming out.
There Is Still A Lot Of Fear In The Market
According to crypto analyst Sykodelic, Bitcoin’s price could still fall further. Several factors contribute to this possibility, including the escalating tensions between the US and Iran, which have already caused oil prices to surge. This conflict could also impact the cryptocurrency market, and concerns remain about potential disruptions in the Strait of Hormuz.
Bitcoin’s 200-week moving average is currently around $58,000, and this could act as a target for sellers. There’s strong potential for the price to fall to this level, as it’s expected to offer significant support.
Bitcoin hasn’t been able to stay above $74,400, and has been fluctuating between $60,000 and $76,000 for several months. According to Sykodelic, the current price pattern resembles the one seen before the price dropped from $98,000 in January, suggesting a potential downturn.
Bitcoin Bulls Are Still In The Game
According to a crypto analyst, even though the market is currently trending downwards, there’s still potential for prices to rise. They believe the price may have already reached its lowest point, and any recovery from here could be substantial and last for a considerable time.
Several signs suggest a positive outlook. The funding rate remains positive, meaning those betting on price increases are currently paying those betting on decreases, which can often lead to short-term gains. Also, the price on Coinbase is now lower than on other exchanges, and this difference is growing. Finally, we’re seeing a significant shift from selling to buying on major exchanges like Binance.
Based on current market patterns, one crypto analyst predicts that even if Bitcoin’s price falls again, it likely won’t experience a severe crash like we’ve seen before. The lowest it might go is around $60,000, potentially dipping to $56,000, but a major price collapse is considered unlikely.
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2026-03-24 09:42