If the Bitcoin price fails to maintain the $70,000 support level, it could plunge toward its annual lows from February. Michael van de Poppe, founder of MN Trading Capital, noted on X that Bitcoin is currently at a critical juncture and if this level is lost, the price could drop below $65,000. This is reported by Cointelegraph.com reports .
According to CoinMarketCap data, Bitcoin (BTC) reached an annual low of $60,000 in early February. Since then, the asset recovered, rising to $73,873. Market participants are currently debating whether the February figure was the cycle low or if the price will trend downward again.
Veteran trader Peter Brandt suggested in a March forecast that $60,000 might not be the lowest point of the current year. He believes Bitcoin could retest this level or fall even lower in September or October. However, economist Timothy Peterson predicts prices will rise slightly over the summer, peaking in the final week of July.
Michael van de Poppe noted that if the $71,000 area serves as a support base, Bitcoin could rise to $76,600, potentially triggering a positive trend across the entire crypto market, especially for Altcoins. According to him, in this scenario, new records would not be far off.
Meanwhile, analytics firm Santiment Intelligence indicated that outflows from Bitcoin ETFs might signal that the market is nearing a bottom. Since May 15, more than $2.97 billion has been withdrawn from spot Bitcoin ETFs, with the total asset value decreasing from $104.29 billion to $94.17 billion.
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