BTC Founder Warns: Rangebound Trade May Be Pause Before Further Decline

Jiang Zhuoer, founder of mining pool BTC.top, warns that Bitcoin's rangebound trade between $60,000 and $70,000 may be a temporary pause in a broader bottoming process.

This perspective draws parallels to the 2018 market pattern, where Bitcoin repeatedly tested support at $6,000 before breaking down to around $3,000. The current consolidation phase reflects a market searching for direction, with neither bulls nor bears able to establish a decisive trend.

Jiang's warning adds to a growing chorus of analysts who caution that Bitcoin's failure to break above $70,000 could signal further downside. However, it is essential to note that historical patterns do not guarantee future outcomes, and the crypto market has evolved significantly since 2018 with increased institutional participation and adoption.