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Bitcoin (BTC) came under heavy selling pressure over the weekend after failing to hold the $84,000 level, a move that culminated in a sharp decline on Monday.
The sell‑off pushed the cryptocurrency down to around $74,000, marking its lowest price in roughly 10 months and reigniting debate over where the market could be headed next.
Bitcoin’s Make‑Or‑Break Level
In a recent Monday post on the social media platform X (previously Twitter), analysts at Bull Theory outlined two potential paths forward for Bitcoin as volatility remains elevated.
They noted that after briefly rebounding toward $79,000, Bitcoin is now trading above the $75,000 area, a level they describe as a critical weekly support zone. This region has already been tested, and how price behaves here is expected to determine the next major trend.
From a broader technical perspective, Bitcoin’s weekly chart has deteriorated. The price has slipped below both the 20‑week and 50‑week moving averages (MAs), levels that are commonly used to gauge medium‑ and long‑term market momentum.
While this development has raised concerns, Bull Theory argues that the situation is not yet decisive and hinges on whether key support levels continue to hold.
In the first scenario outlined by the analysts, Bitcoin manages to defend the April 2025 low, with $75,000 ultimately marking the bottom of the current correction. For this outcome to unfold, Bitcoin would need to hold above that April low and begin forming a higher low on the chart.
If successful, the broader bullish structure would remain intact, defined by a pattern of higher highs and higher lows. In this case, the recent drop toward $75,000 would be viewed as a corrective pullback rather than a breakdown of the long‑term trend.
Risk Of Deeper Correction
The second scenario is more bearish and hinges on a failure to hold current support. If Bitcoin breaks below the April 2025 low, Bull Theory warns that the market structure would change meaningfully.
A breakdown would invalidate the higher‑low formation that has defined the broader uptrend and signal that the $75,000 support level has failed. Under this scenario, downside risk would increase, opening the door to a move into the $50,000 to $60,000 range.
According to Bull Theory, the outcome ultimately depends on two clear factors: whether Bitcoin can hold above $75,000 on weekly closing prices, and whether the April 2025 low remains intact.
If both levels continue to hold, the first scenario — a corrective pullback within a broader uptrend — remains in play. If either level gives way, the second scenario becomes the more likely path, with significantly lower prices potentially ahead.
Featured image from OpenArt, chart from TradingView.com
