Despite a handful of short-lived rebounds, Bitcoin has remained locked in a steep multi-month downtrend, and many analysts believe it hasn’t reached its true cycle bottom.

There is a growing debate over whether BTC (which now trades just south of $63,000) is poised to break under the psychological $50,000 level, with some warning that an even deeper crash might be on the horizon.

Bulls, Get Ready

A few hours ago, Ali Martinez paid close attention to the $60,000-$63,000 range, noting it is the largest volume cluster, with more than 1.3 million BTC transacted.

In his view, “immediate support” at $60,587 must hold to maintain the current trend, but a break below could open the door to a collapse to $46,702, where 150,000 coins moved. Moreover, a subsequent drop beneath that zone could trigger a devastating crash to $37,867, something last observed towards the end of 2023.

X user Chiefy also thinks the worst is ahead, predicting a “final trap” that could take the price to as low as $44,000. “That’s where the crowd finally gives up. Just like they did in 2022,” the analyst added.

Whales Don’t Agree

Despite the prevailing bearish sentiment and a wave of pessimistic forecasts, large investors seem remarkably unshaken. Not long ago, these market participants purchased 30,000 BTC (worth over $1.8 billion) in the span of a single week.

Such accumulation signals that whales are positioning for the next price pump and shows their strong conviction in the asset’s long-term price potential. It is worth noting that smaller players monitor these actions and could get encouraged to hop on the bandwagon, thus distributing fresh capital into the ecosystem.

Meanwhile, the analytics platform Lookonchain revealed that one anonymous whale opened a 40x long position on Bitcoin, worth nearly $70.5 million. This is a highly risky bet, and a plunge to $61,724 would liquidate the trader (should they not provide additional collateral to keep the position open).

Some might see this as a sign of an incoming resurgence. After all, whales are known for being experienced investors who rarely wager substantial sums, relying simply on their sixth sense.

Source: CryptoPotato