29 May 2026 20:00 UTC - by Christian Encila
Bitcoin has bounced back from the $70,000 zone multiple times in 2026, but analysts are warning that the next test of that level could end differently. A
➤ While one analyst predicts a substantial decline, another suggests current weakness is a normal correction and Bitcoin could slide to the $60,000s if support fails, but not necessarily a new low.
➤ A breakdown below this rising wedge pattern's lower boundary could trigger a large bearish candle, though some analysts attribute the current pullback to standard end-of-month portfolio rebalancing.
➤ Analysts warn that Bitcoin's critical support level around $70,000, which has held since 2017, could lead to a significant price drop if broken.
Bitcoin has bounced back from the $70,000 zone multiple times in 2026, but analysts are warning that the next test of that level could end differently.
A Line That Has Held Since 2017
The lower boundary of a rising wedge pattern — a trendline that first appeared as support in mid-2017 — has absorbed several sharp drops over the years.
Bitcoin touched it during the FTX-driven crash of November 2022, when prices fell to $15,400, and the line held. It held again three times in the opening months of 2026, at $60,000 in February, then at $64,900 and $65,000 in March and April.
Related Reading: Bitcoin’s 4-Year Rhythm Is Still Playing Out, Says Crypto CEO
Crypto market commentator MichaelXBT brought renewed attention to the pattern after Bitcoin dropped below $74,000 for the first time in over a month.
Based on his chart analysis, the support trendline now sits around the $70,000 mark, and a confirmed break below it would be historically significant.
» Bitcoin 10-Year Wedge Support: $70kIf that level breaks, bears will be handsomely rewarded.It will ignite the largest red weekly candle Bitcoin has seen in years. History will be made. pic.twitter.com/0HqImRTD4s — Crypto Michael (@MichaelXBT) May 27, 2026
“If that level breaks, bears will be handsomely rewarded,” he said.
What A Break Could Mean
MichaelXBT says a breakdown would trigger the largest weekly red candle Bitcoin has seen in years. He stopped short of naming a price target or estimating how far a drop might extend, but his view is that the event would be a notable moment in the asset’s history.
The wedge pattern at the center of his analysis is formed by two converging trendlines moving upward, with the lower one rising faster than the upper. When prices break below the lower line, the pattern is generally read as a sign that bullish momentum has run out.
Bitcoin is currently trading at $73,473. Chart: TradingView
Not Everyone Sees Collapse Coming
Michaël van de Poppe, a veteran crypto market analyst, pushed back on the more bearish readings. He described what markets are going through as a standard end-of-month correction, driven largely by asset managers rebalancing their portfolios.
Bitcoin faced rejection at $77,000, he said, and the pullback that followed fits a familiar pattern rather than a breakdown signal.
Van de Poppe acknowledged that if Bitcoin fails to hold his key support area, prices could slide toward the lower range of the $60,000s. But he was direct in saying current weakness alone is not enough to call a new low.
Featured image from Pexels, chart from TradingView
Categories rationale: The article focuses on the potential for a significant price drop in Bitcoin based on technical chart patterns ('rising wedge') and historical support levels, indicating a discussion around market cycles and volatility. The core of the analysis revolves around the potential for a breakdown and its implications for market liquidity and price stability.Characteristics justification: The article discusses a potential 'freefall' and 'largest red weekly candle', indicating negative sentiment. The focus on a critical support level being tested and the possibility of a breakdown introduces significant uncertainty regarding future price movements. The technical analysis presented, while based on historical patterns, is a form of 'unusualness' in predicting future volatility. The relevance is high due to the specific price target and analyst warnings.Tag relevance: The tags 'bitcoin', 'technical analysis', 'rising wedge', 'support level', 'bearish', 'analyst warning', 'market correction', and 'crypto market' are directly derived from the article's content, capturing the main subject, analytical methods, key price points, and overall market sentiment discussed.asset-types: others
rwa: false
entropy: 0.75
sentiment: -0.6
staleness: 0.3
relevance: 0.8
uncertainty: 0.7RWATimes slug: newsbtc-bitcoin-could-enter-freefall-if-this-level-cracks-analyst-3249098051