Bitcoin $70K flush would reset cycle, not confirm new bear market: Analyst
Analysts suggest a potential drop to $70K would reset Bitcoin's cycle constructively, not signal a new bear market.Summary
Market analysts contend that Bitcoin's recent price weakness, even if it drops to the $65,000 to $75,000 range, would serve to reset the current cycle constructively rather than confirm a new bear market, unlike previous downturns lacking systemic macro pressure. Traders note that the current price action reflects a supply rotation from early holders to institutional participants. Technical indicators, such as a potential three-day bullish divergence forming, suggest a local bottom could align with stabilized momentum. Furthermore, historical data shows Bitcoin tends to recover well after its RSI drops below 30. Analysts like Julien Bittel suggest that extended debt refinancing cycles, not the traditional four-year halving cycle, are now driving market structure, potentially persisting into 2026. Jurrien Timmer of Fidelity places the current phase within a broader 2022-2025 wave structure, noting that while deeper corrections are possible, future cycles are expected to have flatter slopes, with price modeling suggesting a potential path toward $300,000 by 2029.
(Source：Cointelegraph)