TechFlow News, May 24: According to a Cointelegraph report, cryptocurrency market analyst Michaël van de Poppe stated that Bitcoin has broken below the critical support range of $75,000–$76,000. If it fails to reclaim levels above $76,600, sustaining expectations for new all-time highs will be difficult, and the price could decline toward the $60,000 range. He also noted several CME Bitcoin futures gaps above current levels, with the highest gap located above $79,000, and added that market pullbacks occurring on Fridays “often revert back to bullish sentiment.”
Current Polymarket data shows a 51% probability that Bitcoin will reach $55,000 by 2026, and a 31% probability it will fall to $45,000. However, on-chain data indicates that 71% of the circulating supply is held by long-term holders, suggesting the likelihood of Bitcoin falling below $60,000 remains relatively limited.
Analyst Matthew Hyland holds a comparatively optimistic view, pointing out that Bitcoin has risen continuously for approximately 90 days since its February lows—a duration exceeding the longest sustained rally ever observed during a bear market (89 days). Bitcoin currently trades below both its 365-day and 200-day exponential moving averages and also broke below its 50-day moving average on Friday.
