Bitcoin traders are preparing for further volatility after a difficult stretch that has erased about one-third of the asset’s value since May. Analysts remain divided over where the current downturn may ultimately bottom, with some pointing to $57,000 as the low and others arguing that Bitcoin still has more room to fall.

The debate comes as Bitcoin trades near $64,382, with the asset slightly higher over the past week, according to market data cited at reporting. The focus on nearby support and resistance reflects how quickly sentiment can shift when Bitcoin trades close to levels watched by derivatives traders, long-term holders and short-term momentum accounts.

Analyst Warns Bitcoin Could Fall Below Widely Watched Levels

A trader known online as King0ftheCharts said the recent bounce does not mark the market bottom. He argued that Bitcoin could fall well below the $50,000 area that many traders are watching.

. The Bitcoin Bottom will be Much Lower Than You Think URGENT UPDATE! BTC is About to get CRASH Wave 3 Many Moonboys believe Bitcoin just bottomed at $57k, just as they did at $80k & $60k . A few other Moonboys believe BTC will bottom at the low $50k area. My second favorite… pic.twitter.com/eNrandZz8e — King of the Charts – The Michael Burry of Bitcoin (@King0ftheCharts) July 25, 2026

In the X post, King0ftheCharts based his view on the structure of the 2022 bear market, when the first leg down fell 52 percent and a second leg declined 68 percent. Applying a similar pattern to the current cycle, he estimated that Bitcoin could bottom near $25,000 to $26,000.

Such a move would represent an 80 percent decline from the October 6, 2025 peak. He said that level also aligns with the upper end of a long-term target he set shortly after calling that top.

The trader said Bitcoin has fallen only 30 percent from its May 6 high so far. He also said his signals continue to point lower, with no clear indication that a bottom has formed. Comparisons with earlier bear-market structures are commonly used by technical traders, though they remain scenario-based rather than confirmation that a prior cycle will repeat.

King0ftheCharts referred to previous calls he made, including a prediction on the timing of the October top and an earlier estimate that Bitcoin would fall into the $60,000 to $63,000 range. That forecast was made when many market participants expected Bitcoin to reach $200,000 to $250,000 by December 2025, according to the source article.

He also said history may repeat, noting that Bitcoin has often declined heading into past midterm election cycles.

Justin Bennett Says Whale Positioning Lacks Confirmation

Analyst Justin Bennett offered a more cautious interpretation of the latest weekend rebound. He warned traders not to trust the bounce without additional confirmation.

According to Bennett, whale wallets are not yet positioned for a strong bullish move. He said that could change, but current data shows limited conviction behind the rally.

Bennett identified the $64,700 to $65,000 range as a key area to monitor. A move into that zone, he said, would help mitigate a pricing gap left by an earlier single print on the chart and would allow open interest more room to cool down. Open interest, which tracks outstanding derivatives contracts, is closely watched because elevated positioning can amplify price moves when traders are forced to adjust or close leveraged positions.

Don’t trust this weekend bounce just yet. $BTC whales still aren’t positioned for anything seriously bullish. That can change, but right now there’s no real conviction. I’d still like to see #Bitcoin push into $64,700-$65,000 to mitigate that single print (inefficiency) and let… pic.twitter.com/JgldFBFxoX — Justin Bennett (@JustinBennettFX) July 26, 2026

In the X post, Bennett described the $64,700 to $65,000 area as the real test for Bitcoin’s next direction.

BTC Levels in Focus This Week

Bennett outlined two scenarios based on how Bitcoin trades near resistance. If Bitcoin is rejected from the $64,700 to $65,000 zone and then breaks below $64,000, he said the asset could move toward $61,000 next. He described $61,000 as his base case for now, barring new data.

If Bitcoin reclaims $65,000, Bennett said that could open the way toward $67,000. He added that his outlook could change depending on price action early in the coming week. That makes the first sessions after the weekend important for traders watching whether spot demand, whale activity and derivatives positioning confirm or reject the rebound.

As of reporting, CoinGecko data showed Bitcoin trading at $64,382.57. Trading volume over the previous 24 hours stood at $12.07 billion, while Bitcoin posted a 0.81 percent daily gain.