Bitcoin (BTC) is undergoing a critical technical retest of its former all-time high (ATH) price of approximately $69,000 from 2021, a level that historically has acted as a bottom for the cryptocurrency. This development, noted by market observers like Ash Crypto, suggests a potential moment of relief before a near-term price surge, provided broader market conditions stabilize.
The current market setup mirrors previous bottoming patterns. In 2022, Bitcoin retested its 2017 ATH of around $19,800, briefly dipped below $15,400, and then established a durable bottom. Presently, BTC has dipped under the $69,000 mark, testing support near $60,000. At the time of reporting, Bitcoin was trading at $64,698, reflecting a significant 17.72% decrease from recent highs.
Analysts are divided on the immediate outlook. Presto Research analyst Min Jung attributed the recent drop below $63,000 to a worsening overall sentiment in the crypto market, exacerbated by macroeconomic factors such as US tariff policies and escalating US-Iran tensions, which are increasing investor risk aversion.
Bitrue Research leader Andri Fauzan Adziima provided a detailed price prediction framework. He noted that Bitcoin is testing a critical support zone between $60,000 and $63,000. If BTC successfully holds this level, a short squeeze, influenced by negative funding rates, could catalyze a rebound. This move could be further supported by improving macroeconomic conditions and a resumption of inflows into spot Bitcoin ETFs.
Conversely, Adziima warned that a break below $60,000 could trigger a steeper decline to around $50,000 or even as low as $47,000. Such a drop might force long-term investors to capitulate and sell, potentially creating a deeper market bottom before a true cycle low is established. The next few weeks are seen as critical in determining whether the 2021 peak retest will mark the start of a new rally or lead to further correction.
