Can Bitcoin Reach $250,000? Analysts Warn of May Selling and Bearish Trend

Bitcoin’s $60,000 level is more than psychological support. It is also close to key levels for miner profitability and long-term moving averages. Capriole Investments’ production-cost model and Glassnode’s MVRV valuation band both suggest the market has yet to establish a clear bottom. Rising tensions between the United States and Iran and fading expectations for interest-rate cuts are also weighing on demand for risk assets.

Cointelegraph reported on June 9 that BTC held above $60,000 after correcting 13% last week and was trading at about $63,000 on spot markets. Capriole Investments estimated average production costs at $62,650 and the lower bound for electricity costs at $50,120. Glassnode’s deep-value band stood at about $50,437. If support fails, Bitcoin could first test its realized price of $53,600.

Bitcoin returned to $80,000 for the first time in three months and reached its highest level since January, signaling renewed buying after the previous pullback. Cointelegraph cited traders as saying the short-term holder cost basis and technical momentum would be key to the next move. The rally may continue only if $80,000 turns into support.

In the latest market assessment as of May 4, Bitcoin held above $80,000 ahead of the weekly close, though traders warned that the pullback might not be over. Analysts initially targeted $84,000 and $88,000. A break above the resistance zone would put the short-term holder cost basis near $92,000 in view as the next target, with the price potentially reaching $95,000 in an optimistic scenario.

Bitcoin has recently traded repeatedly within a $60,000–$73,000 range, forming a potential bearish flag on technical charts. With $76,000 viewed as the dividing line between bullish and bearish momentum, whether Bitcoin can break above that level and turn it into support will influence the subsequent trend and investor risk appetite. The related report did not identify the analysis firm.

As of July 20, 2026, analysts said Bitcoin could still set new interim lows until it establishes $76,000 as support. If the price fails to break decisively above that level and falls below the current $60,000–$73,000 consolidation range, the technical pattern points to a potential downside target of $52,500.

Bitcoin, the largest crypto asset by market capitalization, faces a key technical pivot at $71,500 across multiple time frames. The level is also the neckline of an inverse head-and-shoulders pattern on the four-hour chart. Cointelegraph said futures buying was strengthening while spot demand on Coinbase remained weak, making Bitcoin’s ability to turn the level from resistance into support crucial to its next move.

On March 25, 2026, BTC tested $71,500 for the fourth time in seven days. It continued to hold above the 50-period exponential moving average on the four-hour chart, while the 50-day EMA remained a source of resistance. Trader Skew said the price had entered a compression zone. If spot volume follows, a breakout could initially target $76,000, while analyst Mikybull said Bitcoin could reach $80,000.