Bitcoin is at a critical juncture, and a prominent crypto analyst warns that losing support above $70,000 could open the door to a sharp decline toward this year's low.
MN Trading Capital founder Michael van de Poppe said Saturday that if the current level fails to hold, the next buying opportunity could come at prices below $65,000. Bitcoin hit a yearly low of $60,000 in early February before recovering to around $73,800.
Bitcoin's price action has split the market. Some traders think the February bottom is behind us; others, like veteran trader Peter Brandt, warn that $60,000 may not be the floor for 2026, with a potential retest later this year.
On the other hand, van de Poppe does not expect new lows. He says the current structure is different from February's breakdown and that the $71,000 area remains crucial support. If that holds, he predicts Bitcoin could break through to $76,600, potentially sparking a broader crypto rally and a strong summer for altcoins.
Meanwhile, economist Timothy Peterson says Bitcoin may grind higher over the summer but will top out by the last week of July, describing the outlook as "relatively lackluster."
Adding to the uncertainty, spot Bitcoin ETFs have seen outflows for ten straight trading days, with total net redemptions exceeding $2.97 billion since May 15. Net assets have dropped roughly $10 billion in two weeks. Some analysts view these sustained outflows as a potential contrarian indicator, suggesting the market bottom may be near.