After a recovery from a dip to $63,000 last week, Bitcoin's price action has sparked renewed bullish predictions, with some eyeing a move above $70,000. However, a contrasting and bearish narrative is gaining traction among seasoned traders, who warn that a "final flush" or sharp downward move is still imminent before a sustainable bottom is formed.
Analyst EduwaveTrading posted a detailed analysis on TradingView, suggesting Bitcoin has dropped into an expanding ending diagonal pattern. This technical formation, despite the recent recovery, points to another potential downward wave. The analyst argues that Bitcoin has not yet reached the prior swing low, which could act as a magnet for the price. This target lies just above $62,000. If the pattern plays out and this swing low is broken, Bitcoin could drop further, potentially finding support below $59,000.
Echoing this sentiment, analyst Behdark highlighted weakening momentum and a persistent downtrend, labeling Bitcoin as "still very bearish." This view suggests that if sellers maintain control, a fall toward $61,000 is likely, aligning with EduwaveTrading's swing low target. The consensus from these analyses is that a strong downward move is highly probable before sufficient support is established for a renewed upward trend.
The "final flush" scenario is framed not as a long-term bearish call, but as a potential capitulation event to shake out weak hands. Key technical levels are in focus: a rejection from the descending resistance near $70,000-$72,000 could push price back toward $64,000 and then the major $60,000 support floor. A break below $60,000 with momentum opens the door to a sweep of the high $50,000s.
For the bullish case to be validated, a strong daily close above $72,000 is needed, which would break the descending resistance and open a path toward $80,000 and potentially higher. The news also includes promotional content for Bitcoin Hyper ($HYPER), a Bitcoin Layer 2 solution built on Solana technology, which has raised over $32 million in its presale.
