Bitcoin Recovers Above $76K, but Downside Risks Remain

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Crypto markets experienced another bout of forced selling over the past 24 hours, which pushed Bitcoin (BTC) briefly toward $74,000 before rebounding above $76,800. The asset is down 13% over the past week.

Market data cited by analysts now suggest a deeper bear market and a lower projected cycle bottom.

Deeper Cycle Lows
Prominent crypto analyst Doctor Profit has revised his expectations for Bitcoin’s cycle bottom, lowering his projected price range to between $54,000 and $44,000.

He explained that the recent decline coincided with a critical technical development. Doctor Profit found that Bitcoin lost the 100-week moving average (MA100 Weekly), which he describes as a crucial indicator that separates bull and bear market conditions. He points out that BTC’s break above this same moving average in October 2023 was the confirmation of the previous bull market. He argued that losing it again, two years later, and in line with the broader market cycle, points to a transition into a bear market.

Doctor Profit also cited the emergence of a death cross as further confirmation, and stated that this setup is very similar to the market structure seen during the 2021-2022 cycle peak and subsequent downturn. He even went on to add that the move below the MA100 Weekly was sharp and decisive, and that it also represents a confirmed breakdown from a bearish flag pattern he has referenced repeatedly over recent weeks.


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