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The price process of Bitcoin has become an important interest point in light of the recent downward trendWhat a lot of bullish traders has disappointed. According to the On-Chain Analysis Platform Intotheblock, the recent price crash has more than 6.5 million BTC addresses in losses at the current price. Nevertheless, technical analysis suggests that Bitcoin could experience further drops.
The question is whether Bitcoin tests the $ 70,000 Before you regain the power or can return from here to a price target of $ 300,000. Insights from price structure and historical patterns help to give a clearer picture of what the next is.
Bitcoin -Price fall: a normal cycle within Uptrends
Despite concerns about Bitcoin’s recent price fluctuations, crypto analyst Philip (BasictradingTV) maintains that The market normally behaves within a bullish structure in the long term. He emphasizes that Bitcoin continues to create higher highlights and higher lows on the higher monthly period and maintains a solid upward trend that dates from 2017.
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These technical prospects, which was noticed on the TradingView platform, comes as a response to worrying about whether BTC is still bullish after the current 25% correction of the recent of all time.
Traders are restless after the recent decrease, but historical trends suggest that this type of movement is part of the natural cycle of the market. According to the analyst, Bitcoin is still a bullish market structure, and although short-term fluctuations can continue, the wider Uptrend channel from 2017 is still present. Moreover, the analyst noticed earlier examples of 25% and 40% corrections during the Meetings of Bitcoin from the lower trend line of this Uptrend channel.
What is the next step for BTC? Possible retest of resistance before the rally up to $ 300,000
With the idea of a long -term set -up still intact, the analyst noticed that Bitcoin could do that Continue with his downward trend Until it reaches $ 70,000. This level is considerably important, because it used to mark Bitcoin’s all-time high before it was changed in the resistance around mid-2024. After several attempts, Bitcoin eventually broke through this resistance by the end of the year, which led to his new all-time $ 108,786 in January 2025.
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As such, this level of $ 70,000 is now an important psychological support zone, making it an important area to look amid the current Bitcoin prize correction. From here is the analyst predicted a rebound That would send BTC to reach up to $ 300,000. “Levels to view: 70,000, $ 300,000,” said the analyst.
At the time of writing, Bitcoin acts at $ 82,555, after he had spent most of the last 24 hours on action between $ 79,947 and $ 83,436. Bitcoin leaves this behind Still about 14% removed From testing the support level of $ 70,000.
However, there is also the possibility that BTC may not be as low as $ 70,000 Before the bullish sentiment takes over it Once more. If Bitcoin continues to follow the process of earlier cycles, Fibonacci extensions point to price goals between $ 150,000 and $ 300,000.
Featured image of Unsplash, graph of TradingView.com