Bitcoin Bear Market Could End With a Crash to $44,000

A chart analyst is warning that Bitcoin could drop to $44,000 before this bear market ends. The analyst notes that Bitcoin has been rejected from resistance earlier this month and has since pulled back. It's now testing structural support near $63,760.

The analyst believes that if the price fails to hold within a specific range between $59,356 and $62,492, it could signal the next leg lower is already underway. This bearish scenario could push Bitcoin toward $44,000 or even lower still.

However, the analyst also mentions a different framework, a classic accumulation pattern first documented by Richard Wyckoff in the early 1900s. According to this pattern, Bitcoin's current price action lines up reasonably well, and if it continues to play out, Bitcoin might only need to dip modestly into the low to mid $50,000s before finding real buying interest.

Additionally, the analyst notes that the 200-week average has historically marked the general area where past bear market lows have formed. With Bitcoin's current price sitting close to this level, it could still fall another 30% before this cycle's low is fully in place.