Bitcoin has returned to the area around $60,000 after a sharp sell-off, and part of the market is starting to anticipate another correction. However, some analysts do not perceive the current decline as the end of the cycle, but as a familiar point in the old growth scenario, which according to their models could open the path to a price of $500,000 in the long term.
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Historical channel that’s coming back to life
Market commentator Crypto Tice pointed out a long-term rising price channel in which bitcoin has been moving for several years according to him. This channel is meant to capture recurring phases of sharp rises, subsequent rejections, and returns to key support levels.
According to his interpretation, bitcoin has already completed several important steps: first contact with the channel’s middle line, growth toward the center, rejection of higher prices, and return to the lower support. This is why he considers the current movement as a possible beginning of the strongest part of the entire cycle.
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Sell-off hurts, but doesn’t have to cancel bullish scenario
The short-term picture of the market is significantly more tense. Bitcoin lost approximately 17% of its value in a few days and dropped from the area around $74,000 to levels near $61,000. According to estimates, hundreds of billions of dollars in market capitalization have thus evaporated from the market.
The pressure did not spare Ethereum either, which weakened by about 14% and reached its lowest levels in over a year. Nevertheless, the bullish and bearish views do not necessarily have to be mutually exclusive: the crypto market has already shown several times in the past that deep corrections can be part of a broader cycle that later brings very strong growth. This is precisely why it remains important for investors to observe the market with perspective, work with risk, and perceive such scenarios as broader context, not as certainty—an approach that BITmarkets has long supported.
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