Bitcoin has rallied roughly 20% from its recent 15-month low below $60,000 but remains under pressure. Analysts point to oversold technical indicators and warn that support at $65,000 is critical. Some market watchers, including Jelle and Doctor Profit, forecast further potential declines toward the $50,000 and $40,000 levels.
Bitcoin plunged to a 15-month low near $60,000 in early February, representing a decline of over 50% from its peak last October. The cryptocurrency has since recovered to trade around $72,000, yet some analysts caution that further downside is possible.
Analyst Jelle outlined his entry plan, stating he wants to buy Bitcoin in the $50,000 region. He noted that Bitcoin’s weekly RSI levels remain strongly oversold, a condition that has preceded major rallies historically.
“Plan remains the same,” Jelle stated. “Want to buy in the $50k region – but I’m prepared to be wrong.” He added that Bitcoin still exhibits a bear flag pattern below a key resistance level.
He expects a revisit to the low $60,000s in the coming weeks, with a break lower potentially opening the path to $50,000. Maintaining the $65,000 support level is seen as crucial for avoiding new lows.
Another popular analyst, Doctor Profit, argued the bottom is not yet in and predicted a drop to between $40,000 and $48,000. He suggested Bitcoin could see a short-term rise first.
“Bitcoin has not bottomed out, 40-48k is coming,” Doctor Profit said. He noted potential for an upside move in the short term, but has placed sell orders in the $79,000 to $84,000 range.
