Despite a short-term rebound in Bitcoin, warnings are growing that it could be pushed down once more to the $50,000 level.

On April 14, blockchain outlet Cointelegraph reported that some cryptocurrency analysts see the chance Bitcoin could go through a final capitulation phase before any meaningful recovery.

In the market, Bitcoin has recently rebounded to just below $75,000, but the prevailing view is that it is too early to see this as a trend reversal. Risk appetite across global markets partly recovered after expectations briefly rose that tensions between the United States and Iran could be brought to an end, but a bearish outlook for Bitcoin still remained.

Bitcoin trader Ivan Liljeqvist (이반 릴리예크비스트) argued on X, formerly Twitter, that there has not yet been a major capitulation. He said he does not see $60,000 as the bottom and that the trend still points downward. He also assessed the recent rebound as only "very small" when compared with the larger price move.

Other analysts offered similar views. Analyst Merlin Enkelaard (메를린 엔켈라르) said Bitcoin could enter a second bearish phase after an accumulation period and argued that a "manipulation zone" could appear in the process, pushing the price down to $50,000. Another analyst, Symbiote (심비오트), also said a long-term chart based on the peak is "very bearish" and expected a final sharp drop could come, targeting $59,000 or $50,000.

Crypto analyst JL (제이엘) also pointed out that a bear flag pattern, interpreted as a signal that bearishness may persist, was still valid as of April 13. It is a technical pattern that suggests a downtrend could continue. It means that even if there has been a short-term rebound, the technical structure itself has not yet changed.

The structure of this cycle was also raised in downside market forecasts. Nick Ruck (닉 럭), research director at LVRG, said the $50,000 zone is being seen as "the last meaningful accumulation zone before a sustained recovery." He said amid macro pressure and weak capital rotation, the zone could be a point that resets the cycle in a healthy way.

Still, views differed on whether a sharp drop like in the past will be repeated. Ruck noted that Bitcoin has already fallen about 40 percent from its all-time high in October 2025 and that institutional participation has had a big impact in this cycle. In contrast, losses were larger in previous cycles that were speculative markets led by retail investors. In the bear market after the 2017 peak, it fell 82 percent, and it also dropped 77 percent after the all-time high in 2021.

He said this cycle is structured to be more strongly influenced by the macro environment, adding that it may not fall as much as an ideal 60 percent decline. It means that while staying alert to downside risks, it is difficult to apply the same sharp-drop formula from previous cycles as it is.

Against this backdrop, Fidelity Digital Assets also assessed earlier this month that downside risks in 2026 are less dramatic than in previous cycles. The market is focusing less on whether the short-term rebound will continue and more on whether Bitcoin can build support without further declines. Whether the $50,000 level will function as an accumulation zone, or whether a bottom will be confirmed around $60,000, is expected to be a key point to watch for the time being.

Bitcoin: the big flush… I don’t think we’ve had it yet I don’t think $60,000 was the bottom You can pray for it of course but it won’t help Trend is still down The few % bounces are tiny if you zoom out I will reconsider this stance in case bull strength returns It’s just…