Bitcoin Trapped in Descending Channel, Faces $60K Drop Before Six Figures

Bitcoin is currently trapped in a descending channel that has guided its price for eight months. The chart shows lower highs and lower lows, with each stronger rally stalling at the upper edge and deep sell-offs finding buyers near the floor.

The first major rejection landed near $97,855, while the second occurred at $83,156 in May, resulting in a 12% price drop to $73,670 in June. The current tone was set by this rejection, with Bitcoin now sitting in the lower half of the channel where bears expect the final low.

A close back above $78,000 would ease the pressure and challenge the channel's upper rail. However, prediction markets on Kalshi give a 60% chance of Bitcoin touching $60,000 before reclaiming $100,000, with only a 34% chance of clearing $100,000 by January 2027.

Analyst NoName predicts the channel's end near $51,291 as the likely cycle bottom, while others warn that the floor could print even lower, below $50,000. Bitcoin has been in a grind rather than a crash, losing support zones it has so far defended.