Bitcoin Price Analysis: A Potential Crash Under $70,000?

Bitcoin broke below $80k with a 24-hour low at $76,600. The short-term recovery reclaims $80k, but will the growing fear lead to a crash under $70k?

Bitcoin has witnessed a 24-hour pullback of 2.76%. The trading range of the past 24 hours in BTC extends from a low of $76,600 to a 24-hour high at $83,955. This highlights massive volatility in the BTC price trend over the past 24 hours.

Currently, the intraday recovery in BTC keeps its price at $80,196. With Bitcoin marking five consecutive bearish candles in the daily chart, the question remains: is it likely to hit sub-$70K levels?

Santiment Suggests Quick Bounce Back in Bitcoin

A post by Santiment revealed that crowd fears of a pullback below $70,000 have historically led to quick bullish bouncebacks. On February 27, the high mentions of $69K BTC price or below saw a quick recovery, a pattern repeated on March 4 and March 9. On March 10, the rise of social volume of Bitcoin crossing below $70k indicates a high possibility of a temporary bounce.

Analyst Thinks It’s Just A Retest, Targets $300k

With strong optimism, technical analyst Gert van Lagen suggests that Bitcoin is undergoing a retest before a potential rebound. According to van Lagen, Bitcoin is currently retesting the broken neckline of an inverted head-and-shoulder pattern that has developed over four years, targeting a price of $300,000. Supporting his analysis, van Lagen notes Bitcoin’s price trend follows a parabolic, step-like formation, reinforcing the potential for continued upward movement.

> Bullish retest of 4-year inverse H&S neck line, targeting ~$300k.
> Lines up with Step-Like Formation Parabola target.
> Lines up with 15-year macro channel target.
> Invalidation: a weekly candle close below $72.9k. pic.twitter.com/JMESE6JBzH
> — Gert van Lagen (@GertvanLagen) March 10, 2025

BTC Price Down at Crucial Support Trendline

Crypto analyst Ali Martinez highlights an important support trendline in Bitcoin’s 3-day price chart. Bitcoin is currently testing this crucial trendline after pulling back by nearly 8% over the past three days. Martinez points out the potential for a volatile market as uncertainty increases in this third year of a bull market, characterized by high volatility and potential shakeouts.

Bitcoin Price Analysis Reveals Double-Edged Action

According to our last Bitcoin price analysis, the breakdown of a triangle pattern on the daily chart resulted in a sharp correction. With a 24-hour low of $76,600, Bitcoin approaches the 50% Fibonacci retracement level. While intraday recovery suggests a possible rebound, increased selling pressure near the 61.8% Fibonacci level at $81,855 could result in another bearish failure. Bitcoin’s price, fluctuating near the $80,000 mark, shows strong bullish divergence in the daily RSI line, indicating the possibility of a bounce.

On a bullish note, a breakout could push the price to $91,780. However, a breakdown may test the $69,699 support level.