Crypto analyst Coinvo revealed this the Bitcoin price has just hit a 15-year trendline after the last crash to around $70,000. He called this a buying opportunity, noting that the trendline has historically held four times in recent cycles.
Bitcoin price reaches 15-year trendline against gold
In one X messageCoinvo stated that the Bitcoin price has reached the same RSI trendline on the gold chart as it did in 2011, 2015, 2019 and 2022. He further noted that this development has historically created a buying opportunity as BTC has consistently outperformed gold when this happens. He urged market participants not to miss this as this is the “biggest opportunity” they have ever had.
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His statement comes as the Bitcoin price fell to a new annual low of around $70,000, with the top crypto asset down more than 19% so far this year. Based on Coinvo’s analysis, this could mark the bottom for BTC despite concerns that the crypto market may bottom out bear market.
In another X messagethe analyst stated that Bitcoin price will repeat the entire 2023 rally. He noted that the same pattern seen in 2023 is now playing out, with BTC reaching the 200-day EMA, which at the time marked a bear market bottom by turning into support. Coinvo added that most people are too focused on the bearish noise, but urged market participants not to let this cloud the truth as Bitcoin heads higher.
However, crypto analyst Benjamin Cowen has proposed that Bitcoin price could still sink lower after crashing below the April 2025 low. He noticed that in the previous cyclesWhen BTC fell below the 100-week SMA, it crashed straight to the 200-week SMA before rebounding.
BTC could still crash to $63,000
Veteran trader Peter Brandt shared an accompanying chart showing that the Bitcoin price could still fall to $63,000. This came when he noticed that the nature of The decline of BTCwith eight consecutive days of lower lows and highs, indicates campaign selling rather than retail liquidation.
He noted that he has observed this pattern several times and that it is difficult to determine when it ends. Crypto analyst PlanB highlighted potential bear market scenarios for BTC. He stated that it is an 80% drop compared to the current all-time high (ATH) could bring the Bitcoin price to $25,000. Furthermore, a drop to the 200-week MA and the current realized price could mean a crash to between $50,000 and $60,000. Meanwhile, a crash from the previous cycle’s ATH could mean $70,000 is the bottom.
Related reading: Here’s what to expect if Bitcoin price holds support above $74,400
At the time of writing, the Bitcoin price is trading around $70,700, down more than 7% in the past 24 hours. facts from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com