Prominent market analysts are raising concerns about Bitcoin's current price structure, suggesting the cryptocurrency may face further downside before establishing a sustainable bottom. Professional trader Alessio Rastani, in a recent market update, argues that Bitcoin's short-term recovery earlier this year lacks the convincing structure needed to signal a sustained uptrend.
Rastani warns that the probability still favors another move lower, potentially breaching the $60,000 level, before a more meaningful bottom forms. He identifies key support zones between approximately $59,000 and $46,000 as areas where conditions could become attractive for longer-term opportunities. The analyst remains skeptical about Bitcoin reaching new all-time highs in 2026, pointing instead to a more delayed recovery timeline.
Adding to the bearish technical outlook, analyst Omkar Godbole notes "dangerous" similarities between Bitcoin's current trajectory and a pattern that previously led to sharp declines. Bitcoin is currently trading around $70,994, and its movement since early February largely coincides with a formation seen between November and January, which ultimately resulted in a price drop from around $90,000 to $60,000.
This pattern, known as a "counter-trend recovery," represents limited, temporary upward movements within a broader downtrend. Godbole suggests the current slow, volatile rise may indicate buyer fatigue rather than the start of a strong bullish trend. A critical technical juncture lies at the $65,800 level—a break below the lower band of the current rising channel could strengthen the downtrend, while a rise above the channel could weaken bearish momentum.
Both analysts caution against over-reliance on fixed frameworks like the four-year halving cycle in unpredictable markets. Rastani also expands the discussion to the broader macro landscape, noting a possible top forming in the stock market in the coming months.
