Bitcoin Price Prediction Splits Between Drawdown and Breakout

Bitcoin's price movement has sparked debate among analysts, with some predicting a potential cycle bottom near $50,000 to $63,000 and others foreseeing a short-term breakout setup targeting $71,600. Plan C, a well-known crypto commentator, has suggested that the worst drawdown in this cycle may already be over, arguing that the downturn could stop at around 50% to 60% of Bitcoin's all-time high.

The price zone flagged by Plan C as a key area of interest is between $50,000 and $63,000. This range represents a maximum drawdown that would still leave room for further growth. While this possibility seems plausible given the current market conditions, it remains to be seen whether Bitcoin will indeed find support at this level.

On the other hand, Captain Faibik's chart analysis indicates a falling channel on the BTCUSDT 30-minute chart, which could break higher if resistance gives way. This would imply that the price is setting up for another bullish rally, with a near-term target of $71,600. However, it's essential to note that until the price clears the upper trendline with sustained momentum, the structure remains a short-term corrective channel following the earlier rally.