Bitcoin's Bull Run Crumbles: Analysts Warn of Further Declines to $60,000 Bitcoin's recent price action has plunged into bearish territory, breaking a critical support level that had sustained its rally for months. Trading as low as $77,082 in the past 24 hours and currently hovering around $78,560, the cryptocurrency has undergone a significant technical structural shift, according to analyst XForceGlobal. This breakdown invalidates previous bullish frameworks, signaling a heightened likelihood of deeper price corrections in the coming weeks and months.
Market's Pivotal Shift
The analyst highlights that Bitcoin had been navigating a complex sideways WXY combination structure, initially expected to resolve through distribution rather than an outright collapse. However, the failure to hold a key prior low, specifically the $82,000 mark established in November 2025, has triggered this structural change. Bulls were unable to defend this level when prices dipped below $80,000, fundamentally altering the market's technical outlook. Invalidation of Bullish Structure The breach of the $82,000 support means the primary Elliott Wave count can no longer be sustained. The price action from Bitcoin's all-time high should now be interpreted as a distinct, corrective phase, rather than a healthy continuation of an uptrend. This re-evaluation broadens the potential scope for the current decline when viewed through a Fibonacci extension lens, thereby recalibrating both minimum and maximum downside targets.
Bearish Scenarios Converge on $60,000
Two primary bearish scenarios emerge from this analysis, both pointing to similar downside targets. The first involves a flat correction, with Bitcoin currently unfolding a 'C' wave. While deemed the "least attractive" option, this scenario still suggests a complete distribution range, invalidating any lingering bullish structures and potentially pushing Bitcoin's price down to $60,000. The second scenario posits a macro ending diagonal pattern, characterized as a WXY move to the downside. Intriguingly, price projections from this pathway also align with targets within the $60,000 range. Despite their differing technical foundations, both interpretations converge on a comparable downside risk over the medium term. The prevailing outlook now suggests adopting a short-term bearish bias, with expectations for Bitcoin to continue its descent to at least $60,000 before a significant rebound, potentially staging a return above $100,000.
