Bitcoin (CRYPTO: BTC) has collapsed below all bull market support levels, prompting traders to contemplate whether a bottom will soon be established.
What Happened: Crypto trader Pentoshi, who has avoided calling dip buys throughout the correction, says the latest move is different.
With Bitcoin down roughly $40,000 from the highs and already bouncing 30%, he believes the market is now locally overstretched on the downside.
He isn’t declaring a definitive bottom, but estimates Bitcoin is “within a few percent of one,” identifying the $83,000-$85,000 range as a high-probability bounce zone.
Pentoshi added perspective by noting that even Michael Saylor, Bitcoin’s most famous corporate bull, is up less than 10% over the past five years, underperforming the risk-free rate, illustrating how brutal the market has been.
Despite being on vacation, Pentoshi announced he is buying spot BTC, but warned others to stay patient and avoid emotional trades.
Also Read: Tom Lee Says Bitcoin, Ethereum Crash Wasn’t Macro But A ‘Software Bug’
What’s Next: On-chain data supports growing bottom speculation.
Santiment reports Bitcoin whale activity has exploded during the six-week decline, with over 102,900 transactions above $100,000 and 29,000 above $1 million this week.
If the pace holds, it will be the most active whale week of 2025, with behaviour shifting from heavy distribution to early accumulation.
Still, traders remain cautious.
Altcoin Sherpa says buying here makes sense only for long-term holders willing to stomach another 10%-15% downside while accumulating.
Short-term traders, he warns, should note that every recent “bottom” has broken lower.
Meanwhile, ChimpZoo notes a top trader has tagged the $85,000-$87,000 band as a major buy zone, potentially the market’s last shot to buy BTC under $90,000.
Read Next:
Bitcoin Craters 10% To $82,000 As $2B Liquidations Hit Ethereum, XRP, Dogecoin
Image: Shutterstock
$BTCBitcoin – United States dollar$85036.02-1.73%OverviewMarket News and Data brought to you by Benzinga APIs
