Bitcoin price could stay around $60.000 this summer, analyst says

The Bitcoin price is currently in a vulnerable phase. Analyst Rekt Capital draws a striking parallel with the 2014 bear market and suggests that Bitcoin may linger around $60.000 this summer, before a further decline towards the eventual bottom of this bear market cycle. At the time of writing, Bitcoin stands at $62.800, a drop of 2.4% in the last 24 hours.

Bitcoin is available at OKX and Bybit.

Repetition of 2014: The Macro Triangle as a Blueprint

Rekt Capital highlights a remarkable similarity between the current market structure and what Bitcoin experienced in 2014. Back then, a so-called macro triangle acted as a ceiling for a temporary recovery, and the analyst sees exactly the same pattern playing out now. The level around $82.500 served almost seamlessly as the top of the so-called relief rally this year, after which the price came under renewed pressure.

Since then, the downward movement has continued. Rekt Capital speaks of consolidation clusters, the orange zones on his chart, which are characteristic of bear markets. Bitcoin recently lost its support just below the base of the macro triangle and is now poised to enter a new, lower consolidation area. Earlier, NYDIG wrote a bear market analysis outlining a potential drop towards $38.000.

What Awaits Bitcoin This Summer?

According to the analyst, Bitcoin’s current position is a transitional phase between two consolidation clusters. Concretely, this means that the price may stay around $60.000 in the coming months, while the levels from February and March of this year act as new resistance rather than support.

After this consolidation period, however, Rekt Capital expects a new downward move towards one of the final consolidation clusters of this bear market cycle, which could eventually form the absolute bottom. The current decline in the Bitcoin price to $62.656 fits into this broader picture. Investors hoping for a swift recovery will therefore need to be patient, as historical patterns suggest the path upward is not yet clear.