Bitcoin is breaking down through major technical support while the NASDAQ keeps printing new all-time highs. Chief market strategist Gareth Soloway has mapped out a detailed set of price scenarios covering where Bitcoin could go from here and at what levels he plans to start buying.
The Breakdown That Changes the Picture
Bitcoin reached the predicted target zone of $80,000 to $85,000 before rolling over. The trend line that had been flagged as the key level to watch has now broken. The immediate technical structure points lower with a confirmed breakdown likely opening the door to a more significant move.
The first support sits around $65,700, where a prior pivot low creates a natural bounce point. If Bitcoin drops directly to that level, a multi-thousand dollar bounce is expected before the broader bearish structure reasserts itself.
The Price Targets
Soloway laid out a clear tiered framework:
- $65,700: First technical support, expect a short-term bounce
- $60,000: Initial nibble zone, small starter position
- $50,000: Next downside target if $60,000 fails to hold
- $35,000 to $40,000: Worst case scenario based on head and shoulders pattern
The head and shoulders formation on the weekly chart provides the mathematical basis for the $35,000 target. The measurement takes the distance from Bitcoin’s all-time high of $126,000 down to the neckline and projects that distance from the breakdown point. Solomay was explicit that $35,000 is the worst case scenario rather than a base case prediction.
The Bigger Question
The divergence between Bitcoin and the NASDAQ raises a question Soloway said deserves its own dedicated analysis. Historically Bitcoin has sometimes acted as a leading indicator for broader market direction. If that pattern holds, Bitcoin’s current weakness could be signalling that the stock market’s record-breaking rally is approaching a more significant correction.
The worst case is $35,000. The best case is that current levels represent the accumulation zone before the next major cycle. The honest answer is that nobody knows which scenario plays out, which is exactly why position sizing and staged entries matter more than price predictions.
