Bitcoin Bottom Debate: $38K or $55K?

A new poll by crypto analyst Ali Martinez is highlighting growing uncertainty around Bitcoin’s potential market bottom.

The survey, which gathered nearly 2,000 votes, asked followers where they believe BTC could find its cycle low. The results show a split market:

• $38,000 – 30.9% (leading choice)
• $55,000 – 26.8%
• $60,000 – 21.6%
• $44,000 – 20.7%

The largest share of participants expects a deeper correction toward the $38,000 level, suggesting many traders believe current downside pressure may not be fully exhausted.

At the same time, a significant portion still sees $55,000–$60,000 as a potential stabilization zone, indicating divided sentiment.

With Bitcoin recently trading in the mid-$60,000 range, the poll reflects a broader debate across the market: whether the recent drawdown represents late-stage capitulation — or the beginning of a deeper structural retracement.

As volatility remains elevated, sentiment appears fragile, and expectations for the next major move are far from aligned.

What the Chart Is Showing

Looking at the 1-hour timeframe, Bitcoin recently declined from the upper-$79,000 region toward a local low near $64,000–$65,000. The most aggressive selling phase occurred around February 5–6, where long red candles and elevated volume spikes marked a clear capitulation wave. That move coincided with a visible surge in trading activity, suggesting forced liquidations and panic-driven selling.

Since that flush, price has entered a choppy consolidation phase. The chart shows a series of lower highs forming after the bounce toward $71,000, indicating that bullish momentum remains limited for now. However, the intensity of sell-offs has noticeably decreased compared to the earlier drop.

Volume behavior is also important. The largest spikes occurred during the breakdown, while subsequent rebounds have printed comparatively lighter volume. This typically signals that the strongest emotional move was to the downside, and the market is now transitioning into a rebalancing phase rather than an active collapse.

Key Levels to Watch

From a short-term structure perspective:

• Immediate support: $65,000–$66,000
• Major recent low: ~$64,000
• Short-term resistance: $69,000–$71,000
• Breakdown origin zone: $75,000+

As long as Bitcoin holds above the $64,000 area, the recent move can still be interpreted as a sharp correction within a broader structure. A clean reclaim of $71,000 would be the first sign that buyers are regaining control. Failure to hold $64,000, however, could open the door for another liquidity sweep lower.

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