The Bitcoin Price Bottom Is Close, But There Is Still A Crash Below $60,000 Left

Technical analysis suggests Bitcoin may have one final crash below $60,000 before reaching a major bottom, with key support levels at the 200-week ($59,268) and 300-week ($51,805) moving averages. Historical data shows these moving averages have marked major cycle bottoms in 2018, 2020, and 2022, indicating Bitcoin is approaching a potential accumulation zone despite not having reached the final bottom yet.

• →Bitcoin has declined nearly 50% from its all-time high above $126,000, currently trading around $70,000.
• →The 200-week moving average at $59,268 and 300-week moving average at $51,805 have historically marked major cycle bottoms.
• →Previous bear markets in 2018, 2020, and 2022 all found support at these key weekly moving averages.
• →Technical analysis suggests one more leg down below $60,000 is possible before establishing a final bottom.
• →The current price action indicates Bitcoin is entering a late-stage correction phase approaching an accumulation zone.