Bitcoin expert says price could drop to $60,000

Cryptocurrency market analyst Michael van de Poppe has announced his latest forecast regarding Bitcoin's price, as reported by Zamin.uz.

According to the expert, after the price of digital gold tested key support levels in the $75,000–$76,000 range, a decline to the $60,000 level is possible. Typically, price drops observed on Fridays conclude with market recovery, but at the same time, gaps remain unfilled in futures trading above current levels, particularly around $79,000.

This situation is causing some concern among market participants. These analytical forecasts emerge against the backdrop of economic uncertainty surrounding Kevin Warsh, appointed to lead the U.S. Federal Reserve System, and his policy on interest rates.

Currently, the correction phase in the Bitcoin market has lasted seven months. According to some forecasting platforms, there is also a possibility of a significant price decline in the coming years.

For example, the probability of Bitcoin falling to $55,000 by 2026 is estimated at 51%, while a drop to even lower levels stands at 31%. However, on-chain data indicates that the situation is not as dire as it may seem.

According to analyses, 71% of the total circulating Bitcoin supply is held by long-term holders, which reduces the likelihood of the price falling below $60,000.

Another analyst, Matthew Hyland, emphasized that after weak readings in February, the asset has shown an upward trend, which historically signals the beginning of a market recovery phase. At present, Bitcoin is trading below its long-term moving averages.

If the leading cryptocurrency fails to hold key support levels, the market could enter another several months of volatility and price consolidation. For investors and market participants, upcoming economic shifts and major financial decisions in the near weeks will be of critical importance.