Cryptocurrency analyst Coinvo has revealed that the price of Bitcoin it just hit a 15-year trend after its last drop to around $70,000. He declared this to be a buying opportunity, noting that the trend has historically held on four previous occasions in past cycles.
Bitcoin Price Hits 15-Year Trend Against Gold
In a post in XCoinvo stated that the price of Bitcoin has touched the same RSI trend line on its gold chart as in 2011, 2015, 2019 and 2022. It also 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 opportunity as it is the “biggest opportunity” they have ever had.
His statement comes as the price of Bitcoin falls to a new yearly low around $70,000, with the leading crypto asset now down more than 19% year-to-date (YTD). According to Coinvo analysis, this may mark the bottom for BTC despite concerns that the crypto market may be entering a deep bear market.
In another post in Xthe analyst stated that the price of Bitcoin is about to repeat the entire rally of 2023. He noted that the same pattern as in 2023 is being reproduced now, with BTC touching the 200-day EMA, which marked a bear market bottom previously by becoming support. Coinvo added that most people focus too much on the bearish noise, but urged market participants not to let this obscure the truth, as Bitcoin is going up.
However, the cryptocurrency analyst Benjamin Cowen suggested that the price of Bitcoin could fall further, after falling below its April 2025 low. He noted that in the previous cycleswhen BTC fell below the 100-week SMA, it fell directly to the 200-week SMA before any relief bounce occurred.
BTC May Still Fall to $63,000
The experienced trader Peter Brandt shared an accompanying chart showing that the price of Bitcoin could fall to as low as $63,000. This happened while he was pointing out that the nature of BTC fallwith eight consecutive days of lower lows and lower highs, indicates a campaign sale rather than a retail clearance.
He noted that he has observed this pattern several times and that it is difficult to determine when it ends. The cryptocurrency analyst PlanB highlighted possible bear market scenarios for BTC. He stated that an 80% drop from current all-time high price (ATH) could put the price of Bitcoin at $25,000. Additionally, a drop to the 200-week MA and the current realized price could mean a drop to between $50,000 and $60,000. While a drop to the previous cycle’s ATH could mean that $70,000 is the bottom.
Related Reading: What to Expect if Bitcoin Price Holds Support Above $74,400
At the time of writing, the price of Bitcoin is trading around $70,700, down more than 7% in the last 24 hours, according to data de CoinMarketCap.
