Bitcoin stayed near the $64,000 level in early August 2026, keeping traders split over whether the latest bear-market phase is close to ending or still has another leg lower.
The world’s largest cryptocurrency recently traded around $64,400, far below its October 2025 all-time high of about $126,200. That sharp pullback has revived comparisons with Bitcoin’s earlier cycle downturns in 2018 and 2022, when deep corrections eventually gave way to major rebounds.
For now, Bitcoin remains stuck in a narrow range. Bulls are watching whether the price can defend the low-to-mid $60,000 area, while bears argue that the market has not yet shown the kind of clear capitulation often seen near past cycle bottoms.
Why Traders Are Watching The Bitcoin Cycle Bottom
The debate matters because Bitcoin has historically moved in large boom-and-bust cycles tied loosely to its halving schedule, liquidity conditions, investor sentiment, and broader macro trends.
Some cycle-based models suggest Bitcoin is entering the period where previous bear markets started to bottom. One analysis argued that buying during similar historical windows led to strong future returns, with some projections pointing to much higher levels over the next 24 months if Bitcoin follows past patterns.
That is the bullish case.
The bearish case is simple: previous Bitcoin drawdowns have sometimes gone deeper than traders expected. Some analysts still warn that a break below $60,000 could weaken sentiment and open the door to lower support zones.
Bulls See Dips Below $60,000 As Buying Chances
Bitcoin bulls argue that the current cycle is different from earlier crashes because the market is more mature. Spot Bitcoin ETFs, deeper institutional participation, and wider regulatory clarity have changed how large investors approach BTC.
That does not mean Bitcoin cannot fall further. It means some investors may treat sharp dips differently than they did in older cycles.
For long-term buyers, a move below $60,000 could be seen as an accumulation opportunity rather than a reason to exit. That view depends heavily on Bitcoin holding key support and avoiding a broader risk-off move across global markets.
Bears Warn Bitcoin Could Still Break Lower
Bears are not convinced.
They point to Bitcoin’s failure to reclaim higher levels after the October 2025 peak, along with the market’s slow grind lower over the past several months. Some technical traders are watching for patterns that could send BTC much lower if support breaks.
One bearish scenario circulating among traders suggests Bitcoin could revisit levels near $21,000 if the market repeats a more severe bear-market structure. That remains an extreme view, but it shows how divided sentiment has become.
More moderate downside targets are clustered around the $40,000 to $50,000 area, where several cycle and technical models have suggested a possible bottom if the current correction extends into late 2026.
Bitcoin Needs A Breakout Signal
The clearest takeaway is that Bitcoin has not given traders a decisive answer yet.
A sustained move above the mid-$60,000s could strengthen the argument that buyers are regaining control. A clean break below $60,000 would likely put the cycle-bottom debate back under pressure and shift attention to deeper support levels.
Until then, Bitcoin’s range-bound action keeps both sides watching the same question: is this quiet stretch the base before the next rebound, or just another pause before the next leg down?
As of this writing, Bitcoin remains near $64,000, with traders waiting for a stronger breakout signal before calling the next major move.
via: The Economic Times | CoinDesk | Galaxy | MarketWatch
