Key Takeaways
- Analysts Michaël van de Poppe and Benjamin Cowen warned that Bitcoin’s price may revisit the $60,000 range — or even lower.
- Figureheads have highlighted historical bear-market drawdowns and weak macroeconomic conditions.
- Despite short-term caution, prominent Bitcoin supporters, including Michael Saylor allies Tom Lee and Samson Mow, continue to forecast six-figures.
Dutch economist and famed crypto trader Michaël van de Poppe has joined a growing chorus of market commentators warning that Bitcoin’s price could face renewed downside pressure, with some analysts cautioning that prices may revisit levels below $60,000 or even lower.
The warnings come as Bitcoin struggles to regain momentum towards its past record highs, igniting debate over where the current cycle is headed.
Van de Poppe Says Bitcoin Price Has Turned Technically Weaker
Van de Poppe said Bitcoin had turned technically weaker after losing a key support zone near $75,000–$76,000 during a sharp Friday selloff.
“#Bitcoin is getting weaker and might break into the $60Ks again,” Van de Poppe wrote in a post on X on Saturday.
The Dutch analyst said he had previously wanted Bitcoin to remain above the $75,000-$76,000 range to sustain bullish momentum, but the breakdown altered his short-term outlook.
“That has flipped the thesis slightly for me,” he said, adding that a recovery above $76,600 would likely be needed before a stronger upward move could resume.
However, Van de Poppe noted that Friday corrections do not always lead to extended declines and said Bitcoin has often reversed higher after similar weekend selloffs.
He also pointed to several unfilled CME futures gaps above the current price, including one near $79,100, which traders often view as potential upside targets.
“If Bitcoin doesn’t grind back upwards to $76,600, then there’s clearly no argument to assume that we’re going to get into new highs and just remaining within this range,” he added.
Van de Poppe also warned that volatility across altcoins remained elevated, saying he had become more aggressive with profit-taking to hedge portfolio risk until Bitcoin establishes firmer support.
Benjamin Cowen Warns of Deeper Bear-Market Reset
Van de Poppe’s caution echoes earlier comments from crypto analyst Benjamin Cowen, who previously warned that Bitcoin could eventually fall below $40,000 as part of a broader bear-market reset.
Speaking on the Mr. M Podcast with Maurizio Pedrazzoli Grazioli, Cowen said Bitcoin’s historical four-year cycle structure suggested the market may not yet have reached a definitive bottom.
“I would argue that the most likely outcome eventually … we kind of come back down and sort of test these prior lows at $60,000, and I would say that there’s a good chance we’ll go below 60,” Cowen said.
Cowen argued that previous Bitcoin bear markets have regularly produced drawdowns of 77% to 94%, meaning a decline to $40,000 would still fall within historical norms.
He also pointed to weakening macroeconomic conditions, restrictive monetary policy, and soft retail participation as reasons the market could remain under pressure.
The analyst added that Bitcoin has historically traded below key on-chain valuation metrics during prior cycle bottoms and said a move into the $30,000-$40,000 range could ultimately present a long-term buying opportunity.
Bloomberg Analyst Sees Risk of $10,000 Bitcoin Price
Separately, Bloomberg Intelligence senior commodity strategist Mike McGlone has regularly issued a more bearish long-term outlook, warning that Bitcoin could eventually retreat to $10,000.
McGlone argued that many of the catalysts that fueled Bitcoin’s rally over recent years — including spot Bitcoin ETF approvals, growing institutional adoption, and increasing political recognition in the US — have already largely played out.
“I admire and respect Mr. Saylor,” McGlone said, referring to Strategy chairman Michael Saylor.
“But much of what the market had been looking forward to has occurred — ETFs, US leaders recognizing Bitcoin’s benefits, and broader mainstream adoption.”
The Bloomberg analyst argued that the rapid expansion of the wider crypto market had weakened Bitcoin’s scarcity narrative.
“There were zero cryptocurrencies in 2009. Now there are roughly 28 million listed on CoinMarketCap,” he said.
“Own it or wear it — I expect Bitcoin to revert back toward $10,000,” McGlone added.
Macros Lining Up Bullishly?
Despite warning that Bitcoin could revisit the $60,000 range, Van de Poppe on Monday said improving macroeconomic conditions could help reignite momentum across crypto markets.
“I think #Bitcoin is ready for higher grounds,” Van de Poppe wrote in a post on X.
The analyst pointed to a peace agreement in the Middle East as a catalyst for risk assets, arguing that easing geopolitical tensions could reduce pressure on global markets.
He predicted that a peace deal would push Bitcoin above $80,000 and that “altcoins will have their time for the entire summer.”
“That is likely the plan,” he said.
Van de Poppe also said he had been closely watching whether Bitcoin could reclaim a key resistance zone after last week’s weakness, adding that recent price action had improved the technical outlook.
“I was concerned whether or not Bitcoin was able to reclaim this area of resistance, and that seems to be the case,” he said.
“From that point on, many charts look like they want to break upwards, and that would be putting crypto back on the map.”
Bitcoin Bulls Continue With Optimism
The comments seem more bullish, with Saylor and other industry executives continuing to forecast six-figure Bitcoin prices over the longer term.
Investor Mike Alfred, known for his long-standing support of Bitcoin, previously said he would sell his entire Bitcoin portfolio and delete his X account if Bitcoin fails to reach $1 million by Dec. 31, 2033.
“You only live once, and I think it’s important to take a stand, believe in something, and put your money where your mouth is,” Alfred wrote in a Christmas Day post.
“No excuses. Play like a champion.”
Days later, Alfred reiterated his bullish stance, arguing that much of the recent selling pressure had already been exhausted.
Fundstrat co-founder Tom Lee has repeatedly forecast that Bitcoin could eventually rise above $200,000.
Meanwhile, Samson Mow, CEO of JAN3, has also consistently backed the $1 million thesis.
“Since getting into Bitcoin, what I’ve consistently found is that everything always happens faster than I expect,” Mow wrote last year.
“That’s why my prediction is for a fast run to $1 million.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
