What is the lowest potential price for Bitcoin?

Bitcoin (BTC), currently priced at $66,959, is facing new lower price targets after experiencing an 8% drop over the past seven days.

Traders and analysts are currently debating whether the Bitcoin market will decline further and how low it might go.

Could Bitcoin Price Drop to $63,000?

After failing to rise above $70,000 on June 12, Bitcoin has fallen back towards the $66,000 support zone. As of the time of writing, Bitcoin was trading at $66,842, down 4% in the last 24 hours, according to CoinMarketCap.

Analyst Predictions

Mark Cullen: Using the Elliott Wave method, Cullen predicted that Bitcoin could soon drop to around $63,000. In a June 11 post on X, he noted that Bitcoin was continuing its downward trend after reaching weekend highs, suggesting there was more decline to come. He also mentioned the potential impact of the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) decisions on Bitcoin's price.

Matthew Hyland: Hyland observed that BTC/USD was holding above a key support level at $67,000, which he considered the first defense line before potentially lower lows. He shared a chart on X indicating that Bitcoin's price was consolidating on longer timeframes, suggesting a possible continuation of the uptrend. However, if Bitcoin falls below $67,000, he predicts a lower target around $64,700.

Key Support Levels and Technical Analysis

The $63,000 to $65,000 demand zone could mark Bitcoin's lowest price since mid-May and a significant drop from current all-time highs by approximately 15%.

Micheal van de Poppe: Analyzing BTC’s daily price action, van de Poppe noted that Bitcoin had lost the support of its 50-day exponential moving average (EMA) at $67,011 but was still holding above the crucial $66,000 level, where the 100-day EMA sits. However, Bitcoin also lost this support, raising the likelihood of further declines. The 200-day EMA at $64,000 is now seen as the last line of defense, potentially capping the downside in the short term. The relative strength index (RSI) showed a downward trend, with a price strength of 44, indicating market conditions favor a downside.

Data from Coinglass indicates significant liquidity between $63,000 and $65,500 over the past 30 days, suggesting notable market interest in this range.