Bitcoin Analysts Eye One Final Drop Before Cycle Bottom Forms

Crypto analyst Ted believes Bitcoin may be setting up for another lower high before making a final move lower to complete its cycle bottom.

In a post on X, Ted pointed out that $BTC repeatedly failed to reclaim resistance near the $75,000 area while support from an ascending trend line has weakened.

The charts show Bitcoin breaking below both the rising trend line and a key horizontal support level around $75,000, with a possible recovery attempt resulting in a lower high beneath resistance before sellers regain control.

This move could set the stage for one more sharp decline, potentially forming the cycle bottom. However, the bearish outlook would weaken if Bitcoin manages to reclaim the resistance zone and establish higher highs.