Bitcoin could be staring down a fall to $70,000, says a Wyckoff analysis. HTL-NL, a sharp crypto analyst from the Netherlands, ran the numbers. He’s tapping the Wyckoff Method, which reads market moves like a book. Right now, it’s hinting at a correction that’s got folks on edge.
https://x.com/htltimor/status/1905222482862477463?t=sr9JwIavIxBDuU_xdAr03g&s=19
Bitcoin’s Wild Ride Is Stalling
It all started around $67,000 late 2024, post-U.S. elections. btc price predicitons shot up to $108,000 by December 2024—up 61%. Then came the buying climax, a big peak that sent it tumbling. It rallied to $109,000 in January 2025 during an upthrust—a sneaky break that didn’t hold. Now it’s at $80,000.
The chart’s got these “last supply points” popping up January 30, February 21, and March 2. Add a major weakness signal, and we’re in bearish territory, Phase D they call it.
Patterns Pointing Down
A descending trendline kicked in after that $109,000 high. It’s all lower highs, not a good look. Recently, Bitcoin’s been climbing in a rising wedge, testing that trendline again. The Stochastic RSI says momentum’s slipping—the K line’s under the D line now.
Can’t break that ceiling? Then $70,000’s next, a yearly low BitMEX’s Arthur Hayes predicted too. It’s looking dicey out there.
Pros Are Seeing It Too
Peter Brandt, a seasoned trader, thinks this $70,000 drop fits the picture. He spotted a bearish double top earlier this month and isn’t fazed. Benjamin Cowen, who runs Into The Cryptoverse, sees a death cross coming—50-day average crossing under the 200-day.
https://x.com/intocryptoverse/status/1905330773093224729?t=Ju7P_kc3w403t0TkGRxgCg&s=19
That’s often a sign of trouble. Bitcoin’s at $86,000 today, down 1.42% but up 2% weekly. Still, the mood’s turning sour.
