Bitcoin’s price fell below a critical support zone between $75,000 and $76,000, raising concerns about a potential drop toward $60,000 according to analyst Michaël van de Poppe. However, conflicting signals exist, including bullish historical patterns and a high concentration of long-term holders, while prediction markets show uncertain odds for future price movements.
The price of Bitcoin may be headed to the $60,000 level after breaking past a “crucial” support zone between $75,000 and $76,000, according to crypto market analyst Michaël van de Poppe. Bitcoin fell below this support zone, but van de Poppe noted that market corrections occurring on Fridays often flip back bullish.
He also highlighted multiple Chicago Mercantile Exchange Bitcoin futures gaps above the spot market price, the highest being over $79,000. “That said, if Bitcoin doesn’t grind back upwards to $76,600 [or more], then there’s clearly no argument to assume that we are going to get into new highs and just remain within this range,” he stated.
The forecast comes amid macroeconomic uncertainty over newly appointed Federal Reserve Chairman Kevin Warsh and his interest rate policies. The Bitcoin bear market has now dragged on for the seventh month.
The Polymarket odds of Bitcoin hitting $55,000 in 2026 are 51% at the time of publication, while the odds of it falling to $45,000 are at 31%. However, 71% of the circulating supply is held by long-term holders, making a break below $60,000 unlikely according to onchain data.
Bitcoin has rallied for about 90 days following the $60,000 low reached in February, signaling a bull market rally according to trader and analyst Matthew Hyland. “There has never been a rally that trended upward for 89 days ever in a bear market in BTC history,” Hyland said.
Despite the rally, Bitcoin’s inability to hold critical price support levels could signal months of consolidation according to other analysts. Bitcoin continues to trade well below its 365-day and 200-day exponential moving averages, two dynamic support levels, and closed below the 50-day EMA.
