Bitcoin (BTC) Price: Has BTC Bottomed or Is Another Drop Coming? Analysts Weigh In

TLDR

• Bitcoin is trading around $66,800, stuck in a $60,000–$70,000 range for weeks
• Analyst Michael van de Poppe says the longer BTC consolidates, the bigger the eventual breakout
• Spot Bitcoin ETFs saw $173.73 million in outflows on Wednesday
• Trump’s comments about the ongoing war dampened risk appetite across markets
• Multiple analysts say BTC has not yet bottomed, with some targeting below $50,000

Bitcoin is hovering around $66,800, down roughly 8% over the past 30 days. The leading cryptocurrency has been stuck between $60,000 and $74,000 since hitting a yearly low of $60,000 on February 6.

MN Trading Capital founder Michael van de Poppe commented on the price action in an X post on Friday. “Bitcoin remains stagnant in this area, which means that there’s literally no direction,” he said. He added: “The longer it lasts, the heavier the breakout will be.” Van de Poppe is watching for a move above $71,000, a level BTC hasn’t reached since March 26.

Analyst Ted posted on X that $60,000 “wasn’t the bottom.” He said a final capitulation is still likely before BTC finds its floor. Ted also noted that Bitcoin was rejected from the $69,000–$70,000 zone, which previously acted as support. He warned that losing the $65,000–$66,000 range would likely lead to a new low.

ETF Outflows Add Pressure

Institutional demand has been uneven. Spot Bitcoin ETFs recorded $173.73 million in outflows on Wednesday, snapping two days of positive flows. This points to hesitation among institutional investors who are pulling back from riskier assets.

Glassnode’s weekly report noted that BTC remains in a “redistribution phase.” Supply in loss remains high and long-term holder capitulation has not fully cooled. The report concluded that the market is “no longer in outright stress but is still searching for stronger conviction.”

Analyst Jordan predicted in an X post that Bitcoin could rally to $80,000, pointing to a bullish trend that started in February. He noted BTC has held support in the low $60,000s each time it has tested that level. Jordan said a hold there could push price toward the $80,000–$84,000 CME gap.

Analysts Divided on Bottom

Crypto analyst Doctor Profit said he sees a medium-high probability that BTC reaches the $79,000–$84,000 zone. However, he stated he plans to place short orders there, with targets below $50,000. He also said the Bitcoin price has not yet bottomed.

Analyst CrypFlow pointed to the 2-month stochastic RSI as a key signal. He said a bullish cross below 20 has marked the best buying opportunities in 2015, 2019, and 2023. That cross has not happened yet, suggesting more downside could come.

Bitcoin analyst Willy Woo said on March 30 there is a “very good chance” of a deeper bear market due to a breakdown in global macro trends. Veteran trader Peter Brandt told Cointelegraph he does not expect Bitcoin to reach a new all-time high until the second quarter of 2027.

The Crypto Fear & Greed Index sat at 11 on Saturday, deep in “Extreme Fear” territory.

Technically, BTC trades near the lower boundary of a parallel channel around $65,900. The RSI sits in the low 40s and the MACD remains below its signal line, showing continued selling pressure. A close above $72,600 would be the first sign of a bullish shift.

The post Bitcoin (BTC) Price: Has BTC Bottomed or Is Another Drop Coming? Analysts Weigh In appeared first on CoinCentral.