{"id":14146,"date":"2025-10-23T15:29:09","date_gmt":"2025-10-23T15:29:09","guid":{"rendered":"https:\/\/bitunikey.com\/news\/heres-why-a-bitcoin-price-crash-below-60000-is-likely\/"},"modified":"2025-10-23T15:29:13","modified_gmt":"2025-10-23T15:29:13","slug":"heres-why-a-bitcoin-price-crash-below-60000-is-likely","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/heres-why-a-bitcoin-price-crash-below-60000-is-likely\/","title":{"rendered":"Here\u2019s why a Bitcoin price crash below $60,000 is likely"},"content":{"rendered":"
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Bitcoin price has pulled back from its highest point this year as traders booked profits and trade-related risks persist.<\/p>\n

\n
\n Summary<\/span>\n <\/div>\n
\n
    \n
  • Bitcoin price has formed a rising wedge pattern on the weekly chart.\u00a0<\/li>\n
  • It has also formed a bearish divergence pattern.<\/li>\n
  • A mean reversion could push it below $60,000 in the near term.<\/li>\n<\/ul><\/div>\n<\/div>\n

    <\/p>\n

    Bitcoin (BTC) was trading at $109,500 today, Oct. 23, down from the year-to-date high of $126,200, erasing billions of dollars in value. A closer look at the weekly chart shows that the coin has formed numerous bearish patterns that may drive it to levels below $60,000.<\/p>\n

    Bitcoin price technical analysis\u00a0<\/h2>\n

    The weekly timeframe chart shows that the BTC price has pulled back and moved into a correction after falling by over 10% from its highest point this year.<\/p>\n

    A closer look shows that the price has been forming a highly bearish rising wedge pattern, which could lead to more downside. This pattern started forming in December when Bitcoin crossed the important resistance at $105,000.<\/p>\n

    The lower side connects the lowest swings since September last year. In most cases, a bearish breakout happens when the two lines are nearing their confluence level, which is already happening.<\/p>\n

    The price target in a wedge pattern is estimated by measuring the widest section and then measuring the same distance from the breakout point. In this case, the widest point is about 45%. Measuring the same distance from the breakout point gives a price target of $58,890.<\/p>\n

    <\/p>\n

    Bitcoin\u2019s price has other bearish catalysts. For example, the price remains much higher than the 200-week moving average at $64,786. This is a sign that it may have a mean reversion, a situation in which an asset falls back to its historical average.<\/p>\n

    Additionally, the coin has formed a bearish divergence pattern as the Relative Strength Index, True Strength Index, and the Percentage Price Oscillator have moved downward as the price has moved upward.<\/p>\n

    Therefore, a combination of mean reversion, rising wedge pattern, and bearish divergence points to a breakdown. A move above the year-to-date high of $126,200 will invalidate the bearish forecast.<\/p>\n

    <\/figure>\n

    BTC price chart | Source: crypto.news<\/p>\n

    BTC price has had similar drawdowns before<\/h2>\n

    A Bitcoin price crash to $58,000 would be a 55% plunge from its all-time high. While this is a big drop, the coin has had similar and even bigger drawdowns before.\u00a0<\/p>\n

    For example, Bitcoin plunged by 77% from its highest point in 2022 to a low of $15,392. This crash happened as FTX and Terra crashed and as the Federal Reserve hiked interest rates to a multi-decade high.<\/p>\n

    Most recently, the Bitcoin price fell by 34% from its highest level in December to its lowest point in April this year. Bitcoin also fell by 55% from its April 2021 highs to its lowest point in June of that year.\u00a0<\/p>\n

    All these plunges have been good entry points as the coin has always bounced back.<\/p>\n

    <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    Bitcoin price has pulled back from its highest point this year as traders booked profits and trade-related risks persist. Summary Bitcoin price has formed a rising wedge pattern on the…<\/p>\n","protected":false},"author":1,"featured_media":10877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-14146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/14146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=14146"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/14146\/revisions"}],"predecessor-version":[{"id":14147,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/14146\/revisions\/14147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/10877"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=14146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=14146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=14146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}