The cryptocurrency market is currently locked in a heated debate over whether the worst of the “bear” is behind us. While some traders are bracing for a final leg down later this year, others argue that the data shows a definitive floor has already been set. At the center of this discussion is the $60,000 price point reached in February 2024, which some experts believe was the definitive bottom for this cycle.
Crypto analyst Matthew Hyland recently pushed back against the narrative that Bitcoin is merely in the middle of a prolonged slump. According to Hyland, the technical “bottom signals” that appeared when Bitcoin hit $60,000 in Q1 2026 are identical to those seen at the end of previous cycles. He suggests that comparing current price action to “mid-bear market” behavior is fundamentally flawed because those specific indicators don’t typically flash unless the absolute low has been reached.
The Great Divide: $60,000 Support vs. Further Downside
Market experts remain split on whether the $60,000 level will hold through the rest of the year. Veteran trader Peter Brandt has expressed caution, suggesting that Bitcoin might retest—or even slightly break below—that February low by September or October. Similarly, analyst Willy Woo recently noted that, from a liquidity standpoint, the market might only be one-third of the way through its cooling-off period.
However, the “bullish floor” camp is gaining momentum. Michael van de Poppe, founder of MN Trading Capital, pointed to the realized value ratio (MVRV) as evidence that the market is exiting the bear phase rather than entering a new one. By analyzing short-to-long-term value ratios, van de Poppe argues that the current patterns align more closely with a market recovery than a continued crash.
Momentum Shifts as Bitcoin Recovers to $80,000
While the debate over the “true” bottom continues, Bitcoin’s recent price performance tells a story of resilience. The asset recently surged to over $82,000, marking its highest valuation since January. This recovery represents a significant 32% jump from the February lows, leading many to believe that the “buy the dip” sentiment has officially taken over.
Several external factors are contributing to this renewed optimism. Analyst Kyle Chasse highlighted that the technical setup looks “clean,” with moving averages stacking in a bullish formation. Beyond the charts, the macro environment is shifting; progress on crypto legislation in Congress and a reduction in geopolitical tensions have helped ease the “risk-off” pressure that usually drives investors away from crypto. With Bitcoin currently hovering near $80,000, the next major hurdle for the bulls is the $85,000 resistance level. If that wall breaks, the $60,000 bottom theory will look much more like a reality than a forecast.
