Bitcoin eyes $60,000 as key level for next move

Focus shifts to the B wave theory

Analysts argue that Bitcoin’s latest rally closely resembles the so-called B wave of Elliott Wave theory. This technical approach describes the B wave as a temporary revival within an overall bearish market, when prices can appear strong, sentiment improves, and a wave of optimistic news fuels hopes of sustained gains.

Mini-glossary: Elliott Wave theory is a technical analysis method suggesting that market movements reflect investor psychology in recurring waves. The B wave represents a brief rebound against the prevailing trend, often not signaling a lasting shift.

Under the alias More Crypto Online, one well-followed analyst suggested on social media that this B wave could be mostly complete. According to this view, B waves tend to convince investors that the worst is behind them, yet such rallies may lack the strength of a true trend reversal.

More Crypto Online mentioned that Bitcoin looks to have completed a typical bear market B wave rebound, a phase that often inspires new bull market hopes even though the underlying structure does not confirm a sustained turnaround.

C wave scenario points to growing pressure

If this analysis proves correct, Bitcoin may now be entering the C wave—the final and often most psychologically taxing stage of a bear cycle. Here, optimism often wanes, recovery attempts falter, and retail investor interest tends to decrease further.

The analyst highlights warning signs such as repeated failures to break resistance, weak rally structures, and a consistent increase in downside momentum after brief recoveries. This pattern could indicate a shift from accumulation to distribution in the market.

In previous cycles, C waves often accelerated as weaker hands exited the market. Low trading volumes, the formation of lower price lows, and subdued interest are typically viewed as signals that the bottom of the cycle is approaching.

$60,000 stands as short-term pivot

Not all analysts take a bearish view in the short term. Crypto trader and market commentator Daan Crypto noted that buyers have defended a previous significant low, and Bitcoin remains in a position to close the week above its 200-week moving average—another technical milestone.

Daan Crypto reported that buyers stepped in at the previous dip, and believes that if $60,000 holds, Bitcoin could trade sideways within a wide range throughout the summer months.

This scenario places the $60,000 level at the heart of market attention. A sustained drop below this threshold could weaken Bitcoin’s technical outlook considerably, while holding above it keeps both the possibility of a renewed rally and deeper correction in play.

Both perspectives make clear that Bitcoin’s next direction remains undecided. For now, the $60,000 mark will continue to be crucial, serving as the line between a potential recovery and a sharper correction.