Bitcoin Price Prediction: BTC “Millionaire Signal” Just Flashed for the First Time Since 2021

Bitcoin hasn’t exactly been having a smooth ride lately. The BTC price has been sliding through another rough patch, and the market mood has shifted fast. One week it feels like recovery is coming, the next it’s back to heavy selling and nervous positioning.

Right now, the BTC price is sitting in the high-$60,000s after a sharp pullback from the highs, and it’s the kind of level where sentiment starts cracking. Bulls don’t feel confident, bears aren’t fully in control, and everyone’s waiting for the next big move to force a decision.

The BTC 2-year MA multiplier: The cycle tool that shows up when nobody cares

Prominent analyst Crypto Patel’s chart focuses on one of the most respected long-term Bitcoin indicators: the 2-Year Moving Average Multiplier.

The concept is pretty straightforward. The green line tracks Bitcoin’s long-term average trend, and historically, the BTC price tends to gravitate back toward that line during deep resets. When that happens, it often marks the difference between panic-driven selling and the kind of quiet accumulation that builds the next cycle.

Patel points out that Bitcoin appears to be entering another major “cycle zone,” labeled as phase 5 on his chart. In past cycles, these zones didn’t look exciting in real time. They looked messy, slow, and uncertain, but they often ended up being the foundation for the next major upside expansion.

It’s not a magic buy signal, but structurally, this is the kind of setup that matters far more than whatever happens on a random Tuesday candle.

On-chain data: The network still looks alive beneath the price

One of the more interesting pieces here is that on-chain activity hasn’t collapsed. The Glassnode market cap chart shows the BTC price drop dragging valuation down hard, but not in a way that looks like total network breakdown. It looks more like a reset in positioning.

The active addresses chart adds another layer: activity spiked during the selloff. That’s usually what happens when markets hit stress points. People move coins, traders reposition, weak hands exit, stronger hands step in. The chain wakes up when emotions run high.

Drawdown from ATH shows Bitcoin sitting deep in the pain zone, with the BTC price roughly 40%+ off its highs and one recent dip pushing closer to the -50% zone before rebounding. And honestly, that’s not unusual.

Bitcoin has spent plenty of time in these drawdown ranges during cycle transitions. The key detail is that these zones are where sentiment breaks. This is where people stop expecting upside, stop caring, and start exiting out of exhaustion.

The daily and 4-hour BTC price charts: breakdown risk, but early signs of a reset

Zooming out to the daily chart, the BTC price has been trending lower for weeks. Earlier in the cycle, Bitcoin failed hard near the $95,000–$100,000 resistance zone. That rejection wasn’t just a small pullback, as sellers defended every bounce and buyers struggled to reclaim lost ground.

Daily BTC price chart analysis

Now the price is sitting around $69,000–$70,000, lining up closely with a major Fibonacci extension level near $68,020. That’s important because these are the areas where markets stop drifting and start making decisions.

The BTC price isn’t floating anymore. It’s sitting right on a level where either a base starts forming or the next leg down opens up. This is the part of the chart where the next few daily closes matter more than headlines.

On the 4-hour chart, the BTC price is trying to calm down after the sharp drop. There was a nasty breakdown, followed by a bounce back into the high-$60k. That bounce matters, but it still looks more like stabilization than a real trend reversal.

One key detail is the 100-period moving average sitting far above price near $79,500. That’s acting like a ceiling. Until Bitcoin can reclaim levels like that, rallies are still vulnerable to getting sold quickly.

4-hour BTC price chart analysis

This is what early basing phases usually look like: messy, choppy, uncertain. The market stops free-falling, but it also doesn’t immediately recover. It just grinds, waiting for the next catalyst.

Both the daily and the 4-hour charts highlight a massive support band sitting in the low-$60,000s. This isn’t some random line. It’s a zone where buyers have stepped in aggressively before, and it’s also where liquidation wicks tend to show up when leverage gets flushed out of the system.

What comes next for Bitcoin

Bitcoin feels messy right now, and honestly, that’s kind of the whole point. Patel’s signal isn’t the type of thing that shows up when everyone is celebrating at the top.

The 2-Year MA Multiplier tends to flash when the BTC price looks shaky, fear is loud, and most traders are too drained to even think about upside, the same kind of uncomfortable zone where past cycle turns have started.

Right here, the BTC price is sitting at a crossroads. If Bitcoin can hold the $68k–$70k area, the door opens for a push back toward $80,000, then $88,000, and maybe even a return to the $100k conversation.

But if that floor cracks, then $60,000 becomes the next big level, and in a deeper flush, even the high-$40ks start entering the picture. This is either the reset zone or the market still has one more hit left.

According to CoinCodex’s 1-month BTC price prediction, Bitcoin could drift toward $77,402 in the near term. That would push Bitcoin back into the upper part of its current range, which would be a meaningful recovery move, even if it still wouldn’t count as a full breakout yet.