Bitcoin hits $63K but rough road may still lie ahead

Bitcoin recently climbed back to $63, 000, giving some investors hope the market downturn is over. But one analyst warns that the worst could still be coming. According to his breakdown, Bitcoin is now in the third stage of a long bear market. That means prices might keep falling or stay low for months before things truly turn around. This analyst uses a different approach than most traders. Instead of focusing on charts and numbers, he looks at how people feel about the market. First, only a few investors saw trouble after Bitcoin peaked in late 2024. Then, more started to realize prices weren’t recovering by early 2025. Now, with Bitcoin falling to a new low recently, most of the market seems to accept the downturn. That’s not necessarily good news, though. History shows this phase can last until late summer or even October.Social media and surveys also show growing pessimism, but not quite at the extreme levels seen before big market reversals. The analyst points out Bitcoin is currently testing a major long-term support level. This same level triggered big sell-offs in the past. Right now, traders are watching it closely. If Bitcoin can hold above it, smaller cryptocurrencies might bounce back faster when the market finally recovers.