Prominent cryptocurrency analysts are issuing warnings of a potential significant correction for Bitcoin (BTC), with price targets ranging from $40,000 to as low as $10,000, as the asset struggles to reclaim the $70,000 level. The debate highlights a growing divergence in market sentiment between bullish hopes and bearish technical forecasts.
Doctor Profit, an analyst noted for past accurate predictions, has prepared a detailed report anticipating the "next leg down" for BTC. He expects Bitcoin to first drop into a "bearish box" around $57,000, followed by a further decline below $50,000, potentially bottoming in the $40,000 price range. He clarifies that the current sideways trading is not a bullish consolidation but rather preparation for this downward move. His current plan involves buying between $57,000 and $60,000, which he identifies as the bottom of the current range, while also stating it is unlikely for BTC to exceed $88,000 in this cycle.
This bearish outlook finds some agreement among other market observers. AdLunam co-founder Jason Fernandes suggests Bitcoin could see further declines to $40,000 or $50,000, though he disagrees with more extreme bear cases. Similarly, PrimeXBT senior analyst Jonatan Randin expects further declines in the coming months, identifying a major potential accumulation zone between $30,000 and $40,000, while expecting short-term price action to largely remain between $60,000 and $70,000.
In contrast, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone presents a far more pessimistic scenario, suggesting Bitcoin could fall below $10,000 amid a broad repricing of risk assets driven by macroeconomic factors. However, this extreme view is contested by many other analysts in the space.
