Bitcoin Stuck in Descending Channel, Predicted to Hit $60K Before Six Figures

Bitcoin has been stuck in a descending channel for eight months since its peak near $126,000. The structure of this channel suggests that Bitcoin may be headed towards a possible bottom near $51,291.

A May rejection at $83,156 cut the price by more than 12%, leaving it near $73,670 in June. The current prediction markets on Kalshi give Bitcoin a 60% chance of hitting $60,000 before reclaiming $100,000.

Analysts warn that the floor could print even lower, below $50,000. This would require Bitcoin to lose support zones it has so far defended. Despite this, some traders believe that another leg down is more likely than a quick six-figure recovery.