Bitcoin\u2019s recovery attempts are still being judged against a larger structure that has controlled price action for months. An interesting technical analysis of the daily candlestick timeframe chart shows that Bitcoin is still following a descending channel, with every major rebound failing near the upper diagonal and every major sell-off finding a reaction near the lower boundary.<\/p>\n
The latest rejection around<\/a> $83,100 in May has now become the main focus, and Bitcoin is now moving back into the lower half of the channel, where the final bottom could be waiting.<\/a><\/p>\n Eight months into a correction path defined by lower highs and lower lows from $126,000, Bitcoin is showing no signs of deviation. The daily candlestick chart shows Bitcoin has transitioned into a broad descending channel that has stayed intact for these eight months.<\/p>\n The upper boundary has acted as resistance each time Bitcoin has attempted a stronger recovery, first around the $97,855 lower high and later around the $83,156 lower high. Each rejection has kept the larger bearish structure alive. The lower boundary has also been important. Bitcoin previously reacted near $82,167 before bouncing into the first major lower high, then fell again to around $60,000 in early February 2026.<\/p>\n The rejection move from the $83,156 resistance level in May also fits that same structure. Bitcoin is currently down by over 12% since that rejection and opened in June at around $73,670.\u00a0<\/p>\n Now that Bitcoin is trending downwards, the projection is that the next move lower<\/a> may not be just another ordinary lower low. The projection by <\/a>a crypto analyst that goes by the name NoName on X places the projected end of the channel near $51,291, which can also be seen as the possible cycle bottom.<\/p>\n There are multiple technical outlooks that are predicting a further bottom<\/a> before Bitcoin embarks on a new rally. These predictions also line up with a separate sentiment signal from prediction markets.\u00a0<\/p>\n Most notably, prediction markets Kalshi Crypto currently has a<\/a> 60% implied chance that Bitcoin hits $60,000 before $100,000, meaning crypto participants are currently assigning more weight to another major downside move before a six-figure recovery<\/p>\nBitcoin\u2019s Descending Channel Still Controls The Bigger Trend<\/h2>\n
Prediction Markets Favor $60,000 Before $100,000<\/h2>\n