The uncertainty in the market is attaining its peak in the market today with Bitcoin price breaking down again as top analysts sees BTC reversal to $70,000
Bitcoin (BTC) is experiencing a bearish momentum, with the price plummeting below $90,000. Amid the ongoing price volatility, a Wyckoff analysis suggests Bitcoin risks dropping to $70,000.
Bitcoin Forecast Based on Wyckoff Analysis
In a recent X post, popular Netherlands-based crypto expert HTL-NL predicted that Bitcoin could drop to new yearly lows. The analyst posted a chart suggesting that Bitcoin could drop to the $70,000 mark.
HTL-NL analyzed Bitcoin’s potential using the Wyckoff framework, which identifies market cycles through supply and demand. The analysis highlights key patterns and structures that indicate an upcoming correction for the top cryptocurrency.
The accompanying chart revealed Bitcoin embarked on a robust uptrend, starting at around $67,000 in late 2024. This phase began following US President Donald Trump’s victory in the US November elections.
The uptrend pushed BTC to a peak of $108,000 in December, marking a 61% gain. Subsequently, BTC climbed over $109,000 during an upthrust (UP) in January 2025. According to Wyckoff’s analysis, such upthrust demonstrates a false break above a strong resistance.
Consequently, the chart shows that Bitcoin has reached a critical crossroads, with the price falling back to around $85,000 at press time.
Moreover, the Stochastic Relative Strength Index (Stoch RSI) points to a bearish setup. This metric suggests that Bitcoin’s rapid surge has left it vulnerable to a correction, with the price struggling to break through the resistance line. Thus, BTC could drop to the $70,000 support zone if it fails to surpass the key resistance.
Market Veterans Agree to the Wyckoff Analysis
Several crypto market veterans agreed to the Bitcoin bearish analysis. Commodities trader Peter Brandt stressed that the Bitcoin projection based on the Wyckoff analysis seems logical.
“This is not an unreasonable expectation,” Peter Brandt wrote. Brandt stated earlier this month that Bitcoin’s chart was bearish following the formation of a double-top pattern.
Another market veteran, Benjamin Cowen, founder of Into The Cryptoverse, also suggested a potential drop in Bitcoin prices. Cowen pointed out that a death cross may soon appear on the Bitcoin chart, where the 50-day MA moves below the 200-day MA.
#BTC has a death cross coming up soon.
You may notice that local lows tend to occur around that time pic.twitter.com/4lVFqwd0mC
— Benjamin Cowen (@intocryptoverse) March 27, 2025
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