Bitcoin Could Crash to $50K if Bulls Fail This Crucial Test: Analyst

The $76,500 area became an important short-term reference after BTC slipped below it for the first time since August 23.

Bitcoin (BTC) sat near $77,000 today, clawing back part of a slide that took it under $76,500 earlier in the week after fresh US-Iran strikes spooked the markets.

Analysts are now split on whether the dip was a shakeout before another push higher or the first sign of a deeper pullback.

Traders Watch the $83,000 Gap

Analyst NoName is watching the CME futures gap above the current price and considers $83,000 the line that decides what happens next. They wrote that Bitcoin needs “the level that separates a real reversal from another relief rally” with a daily close above it backed by real spot volume.

Without that close, they are treating the recent bounce as a retest of old supply rather than confirmation of a new uptrend, and their downside case is blunt: if $83,000 rejects and $74,000 gives way, they see room for a drop toward $50,000 to $55,000 before Bitcoin finds a real bottom.

But not everyone is reading the chart that way, including Doctor Profit, who dismissed calls for a new low outright, saying, “I consider the bear market as over.”