Has this year's market already ended? BTC winter is coming, analyst: fear of falling back to 60,000 magnesium!

The decline intensifies, shaking market confidence.

In the past 24 hours, the price of Bitcoin has fallen by 4%, dropping to a level of $95,200. Within just a few days, it has slid from around $100,000, causing concern among investors about the possibility of further declines. According to CoinGecko data, the total market value of Bitcoin remains around $1.89 trillion, but a trading volume of $44.7 billion has failed to stop the bearish sentiment in the market. (At the time of writing, the price of Bitcoin is $95,774)

Source: CoinGecko Bitcoin Price Chart

A series of negative news has made the market sentiment more pessimistic. Although Bitcoin has risen by a three-digit percentage since the beginning of the year, many well-known analysts believe that there is a risk of Bitcoin returning to $70,000 or even $60,000 in the short term. Continuous selling pressure and a strong US dollar have significantly limited the bullish momentum.

Key analyst: Different opinions on target prices

Veteran trader Peter Brandt observed that the daily chart of Bitcoin has formed a 'broadening triangle' pattern, suggesting increased market volatility but an uncertain direction. Once it breaks downward, it may directly target $70,000. Tone Vays specifically mentioned that $95,000 is crucial for Bitcoin, and if it falls below this point, the technical outlook is 'very precarious,' exacerbating the risk of a pullback to $73,000.

Source: Peter Brandt Bitcoin daily chart shows a "symmetrical triangle" pattern. Once it breaks downwards, it may directly target 70,000.

Another analyst, Ali Martinez, focuses on on-chain data, emphasizing that $97,041 and $93,806 are key short-term support levels for Bitcoin. Once breached, it may face a crisis of probing all the way down to $60,000.

Source: X Ali Martinez believes that once Bitcoin breaks down, it may face the crisis of further testing $60,000.

It is worth noting that more than 33,000 bitcoins (worth over $3 billion) have flowed into the exchange in the past week. Such large movements often symbolize significant selling pressure, which is not conducive to price increases.

Source: Ali Martinez. Over 33,000 bitcoins have been pouring into the exchange in the past week.

Downward or turning point? Market discrepancies are serious

From the high point of 108,000 this month to the current range of 95,000, Bitcoin has evaporated about 12% of its value, forming a pattern of continuously breaking through important support. From a technical perspective, analysts believe that if it continues to weaken, 80,000 or even 70,000 could be the next possible retracement points. However, some bulls still hold hope, believing that as long as it can regain the 100,000 mark and stabilize, there is still a chance to continue the strong rally this year.

It is worth noting that the market is also full of voices claiming that 'the bull market is not over yet'. Trading in crypto derivative financial products is active, and large institutions and listed companies (such as MicroStrategy) are still actively purchasing Bitcoin, with a huge queue for ETF applications. Due to the unpredictable changes in macroeconomic and political factors, it is not impossible for a reversal market to appear in the second half of this year or early next year.

Is the bull market coming to an end or just taking a breather?

The current market discussion focuses on whether Bitcoin can hold the key range in the future. If it continues to break through multiple supports, investors may have to face the regret of 'should have taken profit earlier', which will also affect the fund flow of altcoins and DeFi industry. However, some people believe that historical experience proves that the pullback of Bitcoin after a big rise does not mean the end of the bull market, but a healthy correction; new investors and institutional buyers may re-enter near 70,000.

While analysts generally believe that the $60,000 to $70,000 range poses real risks, many bulls still believe that Bitcoin is still bullish in the long run. With the interweaving of international politics, central bank policies, and the dynamics of the crypto industry, the game of 'bearish vs. bullish' continues to play out. Investors need to closely monitor price and on-chain indicators, and also be aware of the possibility of profit-taking re-emerging. Whether Bitcoin is really facing a 'winter is coming' or just a brief consolidation before the next surge, the market is still waiting for an answer.

Further reading Glassnode report: Bitcoin long-term holders cash out 2.1 billion baht! Has the bull market ended before it even started? Big volatility warning! Will the market crash as Bitcoin's $14 billion options expire? Bitcoin ETF drops for three consecutive days! Analysts warn it may continue to fall, will it reach "this point" next?

'Has this year's market already ended? Bitcoin's harsh winter is coming, analysts fear it may fall back to 60,000 euros!' This article was first published in 'Crypto City'