Uncertainty has arisen again in global markets ahead of the US Supreme Court’s decision on the customs tariffs of the Donald Trump era. While this uncertainty was also reflected in the cryptocurrency market, the price of Bitcoin fell by 6-7 percent from its recent peaks and fell below $ 92,000. The fact that the probability of the court finding the tariffs unlawful was priced at around 70 percent, weakened the risk appetite of investors. While the discussions continued, one of the scenarios that experienced analysts drew attention to was the possibility of a deeper correction for Bitcoin, extending to the $ 60,000 band.
$60,000 Scenario in Bitcoin’s Price is Gaining Strength
According to market commentators, the $60,000 level is not a randomly determined threshold. “Measured movement” and “equal leg” projections used in technical analysis are among the frequently used methods to calculate the decline distance that may occur after the peak formation. When the previous wide trading range of Bitcoin’s price is measured, the targets projected below the breakout point appear to be concentrated in the $ 60–63,000 band. Old consolidation zones, which have historically served as strong support, also make this range technically meaningful.
Experienced analyst Peter Brandt, who has been following market cycles for more than four decades, argued in his latest assessment that Bitcoin may have entered the beginning of a downward trend. According to Brandt, the price stuck within the rising wedge and channel structure carries the risk of a harsher retreat in case of loss of support. Some popular analysts who share similar views are of the opinion that this correction may gradually deepen in the next 6 to 8 months.
What Do In-Blockchain Data and Macro Prints Say?
As well as the technical outlook, internal Blockchain data also point to a cooling in the market. The “Net Realized Profit/Loss” indicator monitored by CryptoQuant reveals that the long-standing strong profit taking has weakened. The fact that the indicator approaches zero and turns negative from time to time in the latest data shows that investors are now more cautious. In historical examples, this picture coincides with periods when demand weakened and sales pressure was tried to be digested by the market.
On the macro front, the upcoming decision of the US Supreme Court stands out as a decisive factor. The possibility of tariff cancellations could affect global trade balances and could quickly change perceptions of risky assets such as Bitcoin and altcoins. It is stated that the upward momentum may be revived if the price of Bitcoin regains the range of $ 98-102,000, while $ 73,000 and then the $ 60,000 band are considered among the more possible targets in case the current channel support is lost. The market is at a threshold waiting for both the outcome of the legal decision and the break in technical levels.
