Bitcoin Slammed by Descending Channel, Targets $60K Before Six-Figure Rebound

Bitcoin's price has been trapped in a descending channel for eight months, since it peaked near $126,000. The channel's boundaries have consistently limited the cryptocurrency's growth, with each rally stalling at the upper edge and every sell-off finding support near the lower boundary.

The most recent rejection occurred in May at $83,156, causing a 12% drop to $73,670 by June. This has led many traders to predict that Bitcoin will hit $60,000 before reclaiming $100,000, with Kalshi giving it a 60% chance.

An analyst, posting as NoName, believes the channel's end is near $51,291, which he considers the likely cycle bottom. However, other technicians warn that the floor could print even lower, below $50,000. To reach these targets, Bitcoin would need to lose support zones it has so far defended.