Bitcoin is down 3.35% in the past 24 hours to $73,281.93, which does not bode well for the already weak crypto market as tensions in the Middle East rekindle and corporate pressure continues to increase risk. The asset also shows a strong 83.6% correlation with gold, indicating that economic fears are playing a major role in current prices.
Amid recent market weakness, crypto expert Alex Mason he says Bitcoin may still have a lot to fall before it starts a profitable recovery.
According to Mason, Bitcoin has spent the last two months trading within an uptrend that has created “false strength” through the slow highs, blocking short-term traders from expecting a drop below $100,000.
The expert pointed to the recent movement of Bitcoin to the gap of the CME near $ 82,000, arguing that the level was well filled before the market quickly rejected the higher prices. In his opinion, the rejection confirmed the old trap of the bull before the other leg.
Up to $60K?
Mason says that Bitcoin has now started to fall from its upward trend. Its short-term outlook includes a move to $70,000, followed by a deeper correction to $60,000 in the next few months.
“My plan for the next 3 months is simple,” Mason explained in describing his experience.
He said he also mentioned Bitcoin’s previous highs of $16,000 and $126,000 above, adding that his call to the market “will be very important.”
Crypto analyst Michael van de Poppe he also warned that Bitcoin could re-check the lows of $60,000 if the recent levels are over. He said that the rejection of Bitcoin near the $77,000 resistance zone advanced the downside speed and caused a sharp criticism of the altcoin.
According to van de Poppe, at the end of the month rebalancing with asset managers is part of driving weakness, but currently support in the area is still important for the next move Bitcoin.
Prediction Markets Change Slowly
Forecast markets are also predicting a six-figure decline in Bitcoin confidence this year.
According to Kalshi Crypto, traders now only place a 32% chance of Bitcoin hitting $100,000 by the end of the year. The odds are very low in the short term, with only 4% left for Bitcoin to reach the same level next month.
The decline reflects growing uncertainty across financial markets as traders weigh political tensions, institutional sell-offs, and the risk of a major financial crisis against Bitcoin’s future.
While many crypto investors still expect Bitcoin to return to normal after this, Mason says the market may need a major correction before another major rally.
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