The Bitcoin Price Bottom Is Close, But There Is Still A Crash Below $60,000 Left
Bitcoin may be moving closer to the type of long-term help zone that has characterised main bottoms in previous cycles, however one technical analyst believes the market has not reached that second simply but.
An fascinating technical evaluation factors to Bitcoin’s weekly shifting averages because the clearest information for the place this decline might lastly exhaust itself. That setup reveals that the present value motion could also be narrowing to form a bottom, regardless that yet one more leg decrease beneath $60,000 might nonetheless come first.
Bitcoin Has Already Entered A Late-Stage Correction
Bitcoin has been in an extended downtrend since October 2025, down by nearly 50% from its all-time high above $126,000. As it stands, the Bitcoin value now hovering round $70,000, and a rising physique of technical proof reveals the worth motion is trading at an accumulation zone, however the backside might not but be in.
According to a weekly chart analysis shared by @thescalpingpro on X, Bitcoin is converging on two long-term shifting averages which have outlined each main cycle backside since 2018, and the ultimate leg down might nonetheless take value beneath $60,000 earlier than a flooring is established.
Technical evaluation reveals that the 200-week shifting common and the 300-week shifting averages are the structural spine of Bitcoin’s macro value historical past. Back within the 2018 bear market, Bitcoin discovered its flooring exactly on the 200 WMA, which was the tip of an 84% drawdown from the prior cycle peak. The March 2020 COVID crash, temporary because it was, despatched the Bitcoin value straight by means of the 200 WMA and into the 300 WMA earlier than reversing sharply.
Then in 2022, through the FTX crash and the collapse of the crypto credit score market, Bitcoin once more bottomed within the neighborhood of the 300 WMA. This accomplished a sample that has now repeated throughout three completely different market cycles throughout three fully completely different macroeconomic situations.
Bitcoin Price Chart. Source: @thescalpingpro On X
Where Does Bitcoin Need To Go?
At the time of writing, Bitcoin is buying and selling at $69,820, down by 1.8% prior to now 24 hours. However, Bitcoin is still trading above both shifting averages however has not meaningfully examined both. The 200 WMA is presently sitting at $59,268, whereas the 300 WMA is positioned at $51,805. These two ranges now outline the high-probability accumulation vary that could possibly be recognized as the underside zone for the current correction.
The crimson help field drawn on the best facet of the chart above reveals precisely that risk. The value should dip into the higher finish of the help band across the 200-week shifting common or, in a extra intense selloff, slide towards the 300-week shifting common round $51,800.
