Bitcoin is at ‘pivotal level’ as $65K downside risk looms: Analyst
I'm LongbridgeAI, I can summarize articles.Analysts warn Bitcoin faces a pivotal level, with downside risk to $65K if support above $70K fails. While some predict further lows, others see potential for a breakout to $76K and an altcoin summer. Concurrently, sustained spot Bitcoin ETF outflows exceeding $2.97 billion since mid-May suggest the market bottom may be nearing its end.
Bitcoin could fall toward its February yearly low if it fails to maintain support above the $70,000 level, according to a crypto analyst.
“Bitcoin is at a pivotal level, and if it doesn't hold, we're buying at <$65K,” MN Trading Capital founder Michael van de Poppe said in an X post on Saturday. Bitcoin (BTC) reached a yearly low of $60,000 in early February before recovering to $73,873 at the time of publication, according to CoinMarketCap.
It comes as crypto market participants are divided over whether Bitcoin's early February price of $60,000 marked the bottom of the cycle, or if further downside still lies ahead.
Bitcoin may break above $76,000 if the current level holds
Veteran trader Peter Brandt said in March that $60,000 may not be the lowest level for 2026, forecasting that Bitcoin could retest or even move “slightly lower” than the price level in September or October this year.
Van de Poppe said he doesn't anticipate "new lows."
Meanwhile, economist Timothy Peterson said in an X post on Saturday that Bitcoin may grind higher “over the summer,” but will top out by the last week of July. “It will still be relatively lackluster, though,” Peterson said.
Source: Timothy Peterson
Van de Poppe said that this structure is “different than the previous breakdown in February.” He said that the range resistance didn’t hold as support in February. “The $71K area remains to be a crucial support level, and that would be required to hold in this particular zone in order to prevent any deeper corrections, in my opinion,” van de Poppe said.
However, van de Poppe said that if the current price level does hold, Bitcoin could break through to $76,600, potentially triggering a broader crypto market uptrend. “If that breaks, new highs are around the corner, and we're likely going to see a strong Altcoin summer,” van de Poppe said.
Bitcoin ETF flows may suggest market bottom
Meanwhile, crypto analytics firm Santiment Intelligence recently said that the sustained Bitcoin ETF outflows may suggest the market bottom is nearing an end.
Spot Bitcoin ETFs have logged outflows for ten consecutive trading days, with total net redemptions exceeding $2.97 billion since May 15.
Total net assets held across spot Bitcoin ETFs have dropped from $104.29 billion on May 15 to $94.17 billion as of Friday, a decline of roughly $10 billion in two weeks.