to leave a comment.
▲ Bitcoin (BTC), decline/ChatGPT generated image
Despite a short-term rebound, Bitcoin (BTC) failed to reclaim the channel support line near $71,000. As a result, warnings of a further decline to the $50,000 range have re-emerged.
According to FXStreet, a cryptocurrency specialized media outlet, on June 19 (local time), Bitcoin has continued a distinct downward trend since 2026, with the decline accelerating over the past month. In particular, as the price broke below the corrective channel support line near $71,000, an analysis suggested that the recovery since the February low was not a primary trend increase but a counter-trend rebound.
Gregor Horvat, an analyst at Wavetraders, observed that Bitcoin's rebound since the February low unfolded in three waves. This suggests a corrective recovery rather than a strong uptrend. Although Bitcoin has already retested this year's low and then rebounded, Horvat explained that this rebound could be the fourth wave within an ongoing bearish impulse wave.
The key is the broken channel support line. FXStreet pointed out that if Bitcoin fails to recover this support line, the bearish trend could extend into a fifth wave. In this scenario, Bitcoin could approach $55,000, and if selling pressure intensifies further, it could drop to around $50,000.
A bearish structure also remains on the daily chart. Horvat analyzed that the C-wave appears to be already underway after the recent B-wave correction. However, he did not rule out the possibility of the B-wave unfolding in a larger and more complex form. He presented the key support zone as $50,000-$48,000.
FXStreet assessed that despite the short-term rebound, it is difficult to conclude that the downward trend of the higher trend has ended. As long as Bitcoin fails to recover the broken channel support line, the rebound is likely to be interpreted as a technical recovery within a bear market rather than a trend reversal.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.