Bitcoin is up in the past 24 hours, but recent analysis suggests it might be part of a broader bearish picture targeting steeper declines

Bitcoin ($BTC) reached an intraday high near $69,300 on Wednesday, a good start to the month of April. However, according to an analysis from market watcher TARA, it could precede a 15% drop to sub-$60,000.

Key Points

Bitcoin bounced back today to nearly $69,300, touching the 0.618 Fibonacci retracement level. Analysts expect it to revisit this zone again, as not all liquidity was captured. The RSI is still below oversold levels, allowing for a small upward move. After absorbing the leftover liquidity near $69,300, Bitcoin could drop more sharply, potentially heading toward $58,000.

Bitcoin Reaches Fibonacci Level

TARA pointed out that Bitcoin’s rebound toward $69,300 tested the 0.618 Fibonacci retracement level. Although BTC later dropped to $68,200, the upward move was still significant.

She noted that Bitcoin might revisit this level since it didn’t fully capture the available liquidity, having peaked at $69,273—just $30 below the Fibonacci target.

This price action indicates that some liquidity could still be present, and a short-term push back toward this zone is possible.

Additionally, momentum indicators support this possibility, with the RSI indicating a potential second attempt at resistance. The RSI remains under oversold territory, a position that allows for a short upward move, adding weight to the idea that Bitcoin could reclaim $69,300 before shifting direction.

Broader Structure Points to Continued Downside

TARA noted that while Bitcoin’s recent move may seem positive short-term, it actually fits into a larger corrective pattern. She observed that the push toward higher prices is part of an ongoing wave structure.

After BTC absorbs the remaining liquidity near $69,300, a stronger downward move could follow. This aligns with a broader wave 3 pattern shown on the 4-hour chart.

The next key level of interest is around $58,000, which would require a roughly 15% drop from current prices. This decline is sharper than the February 6 low near $60,000 and could take Bitcoin back to levels last seen in October 2024.

Notably, this isn’t a new prediction Citigroup also identified $58,000 as a potential bear target for BTC amid a weaker macroeconomic environment. This level is close to the Realized Price of $54,000.