Bitcoin might be in for a rough ride, with a Wyckoff analysis calling for a drop to $70,000. A big-name analyst from the Netherlands, HTL-NL, is behind this prediction. He’s using the Wyckoff Method, a handy tool that tracks market ups and downs through supply and demand. It’s showing some worrying signs for Bitcoin right now.
The Chart’s Looking Grim
Bitcoin took off from $67,000 late last year, thanks to the U.S. elections in November 2024. It soared to $108,000 by December—a solid 61% jump. But then it hit a wall, what they call a buying climax, and dropped hard. It climbed back up to $109,000 in January 2025 during an upthrust, which sounds cool but is actually a fake-out above resistance.
Now it’s slid to $80,000. The chart shows a few “last supply points” on January 30, February 21, and March 2. That, plus a big weakness signal, says we’re in a bearish Phase D.
Trendlines Are Screaming Trouble
Since that $109,000 peak, Bitcoin’s been sliding under a descending trendline. Think lower highs, like a staircase going down. Lately, it’s been inching up in a rising wedge, but it’s bumping into that trendline again. The Stochastic RSI—a momentum checker—shows the short-term juice is fading. Its K line just dipped below the D line.
If Bitcoin can’t punch through, it’s likely headed to $70,000. That’s a new low for the year, something BitMEX’s Arthur Hayes saw coming too.
Big Names Are On Board
Peter Brandt, a trading vet, says this $70,000 call makes sense. He’s been watching Bitcoin’s double top pattern earlier this month and isn’t shocked. Another pro, Benjamin Cowen from Into The Cryptoverse, points to a death cross brewing—when the 50-day average slips under the 200-day.
That’s usually bad news for Bitcoin’s price. It’s at $86,000 now, down 1.42% today but up 2% for the week. Still, the outlook’s not pretty.