Analyst warns: Bitcoin's technical outlook under pressure, is $69,000 a potential downside target?
Bitcoin is currently in a highly sensitive technical zone. Analysts point out that if the key support level of the current bear market triangle pattern is broken, Bitcoin (BTC) could experience a significant correction, with the price target potentially around $69,000.
Crypto analyst Ali Martinez recently posted on X platform stating that Bitcoin must hold the lower boundary of the triangle pattern, or it risks a bearish continuation. From a technical analysis perspective, triangle patterns typically appear after strong trends, with prices consolidating in the short term and ultimately continuing in the original trend direction. In a bear market triangle, this continuation often points downward.
From the daily chart perspective, Bitcoin previously rebounded above $94,000 and tested the upper resistance of the triangle pattern but failed to break through effectively, then retreated again. This movement is viewed as a typical “rebound failure” at the technical level, intensifying the short-term bearish outlook.
Overall, the key support level currently watched by the market is around $87,200. If this level is effectively broken, it indicates a downward breakout of the triangle pattern. According to technical calculations, the typical decline after a breakout is usually proportional to the length of the “flagpole” prior to the pattern, suggesting a potential downside target for Bitcoin in the range of approximately $69,000 to $69,300.
From an on-chain data perspective, Bitcoin is also approaching a critical cost indicator—the Active Realized Price. According to Glassnode data, this indicator is currently around $87,700, representing the average cost basis of active market participants. If the price falls below this level, some short- to medium-term funds may shift from unrealized gains to unrealized losses, thereby increasing selling pressure.
Overall, Bitcoin is at a crucial juncture indicated by both technical analysis and on-chain data. If the $87,200 level can hold steady, BTC still has the chance to regain momentum; but if it breaks down, market sentiment could quickly weaken, triggering a deeper correction. At this stage, risk management and key price level monitoring are particularly important.
Related Articles
Bitcoin Bounces Back! IPO Genie ($IPO) Emerges as High-Conviction Presale Play
Jiuzi Holdings reaches a strategic agreement to acquire 10,000 Bitcoins transfer from a certain strategic investor
Analysis: The CLARITY Act's expected warming effect combined with the fiat devaluation logic regression is driving BTC to strengthen against the trend
Spanish police dismantle an illegal Bitcoin mining farm, suspected of electricity fraud exceeding 860,000 euros
Analyst: This round of Bitcoin price increase is driven by position resets and reduced supply elasticity
