Amid swirling market uncertainty, Bitcoin could be on the brink of tumbling to new yearly lows, with a Wyckoff analysis pinpointing a potential drop to $70,000. Renowned Netherlands-based cryptocurrency analyst HTL-NL has sounded the alarm, leveraging the Wyckoff Method—a time-tested framework that decodes market cycles through supply and demand dynamics—to spotlight patterns signaling an imminent correction for the world’s top cryptocurrency.
Bearish Signals Dominate Wyckoff Chart
The daily chart tells a stark story: Bitcoin kicked off a powerful uptrend, or markup phase, from around $67,000 in late 2024, fueled by the U.S. elections in November. This surge drove the price to a high of $108,000 in December 2024—a 61% leap—before hitting a buying climax (BC) that triggered sharp declines.
Btc price predicitons briefly rebounded, peaking above $109,000 in January 2025 during an upthrust (UP), a move Wyckoff analysis flags as a deceptive break above key resistance. Since then, the chart shows Bitcoin retreating to $80,000, entering a precarious Bearish Phase D. Multiple Last Points of Supply (LPSY) formed as it retested old support zones—now resistance—on January 30, February 21, and March 2, cementing the bearish outlook alongside a Major Sign of Weakness (SOW).
Trendlines and Momentum Flash Red
A descending trendline has taken shape since Bitcoin’s $109,000 upthrust peak, sketching lower highs along a downward-sloping resistance that screams bearish intent. Adding to the gloom, a rising wedge emerged during a mid-March recovery push, only to falter as it neared the trendline’s ceiling.
The Stochastic Relative Strength Index (Stoch RSI) piles on the evidence: its K line recently slipped below the D line, signaling fading short-term momentum. This oscillator hints that Bitcoin’s steep climb has overstretched it, leaving it ripe for a fall—especially if it can’t breach the resistance. A breakdown here could send it crashing to the $70,000 support zone, a new yearly low echoed by BitMEX founder Arthur Hayes.
Market Heavyweights Nod in Agreement
Veteran commodities trader Peter Brandt has thrown his weight behind HTL-NL’s call, deeming the $70,000 prediction a “logical” outcome given the market’s current state. Brandt, who earlier flagged a bearish double top pattern this month, sees the drop as far from far-fetched. Peter Schiff, slamming GameStop Bitcoin investment, believes BTC will not make it as a long-term corporate asset.
Meanwhile, Benjamin Cowen, founder of Into The Cryptoverse, adds fuel to the fire with a simpler take: a looming death cross—where the 50-day moving average dips below the 200-day MA—often marks local lows for Bitcoin.
As of now, Bitcoin trades at $86,000, down 1.42% in the last 24 hours but clinging to a 2% weekly gain—though the bearish clouds suggest that may not last.
