An analysis says bitcoin could fall to $50,000 to $51,000 in the short term, and to $33,000 on a weekly-chart basis, if it drops clearly below the $60,000 support level. Cointelegraph said bitcoin was down about 15 percent for the week through Thursday, posting its weakest weekly performance since November 2022.

Bitcoin fell as low as $61,000 intraday before trading around $62,500. It rebounded about $1,500 and showed an effort to hold $60,000 as a psychological support level, but downside pressure persists.

An analyst, Raz, says bitcoin could briefly dip below $60,000 but could then attract stronger buying interest. Citing the 200-week simple moving average, he presented $55,000 as a worst-case lower-bound scenario.

The 200-week simple moving average also acted as a key long-term support level in 2019, 2020, 2022 and 2023. Bitcoin rose more than 37 percent after confirming this line as support in February 2026, and this week it is being tested for the second time this year to hold above the line.

A bearish flag pattern on the weekly chart, however, points to lower levels. Bitcoin has already fallen below the lower trendline, and trading volume has increased. The measured target for the pattern is around $50,000 to $51,000.

On-chain indicators also pointed to a similar zone. In Glassnode’s MVRV price bands, bitcoin’s realised price is $53,740, and another key support level was presented near $50,560. As a result, the $50,000 to $54,000 range is cited as a major support area where chart and on-chain indicators overlap.

On the weekly chart, a possible breakdown of a cup-and-handle pattern was also raised. Bitcoin is currently weak in an area where the handle’s lower bound, the 200-week simple moving average and the $60,000 support level converge. If this area breaks clearly, the pattern implies a downside target of $33,000.