Bitcoin (BTC) is testing the $60,000 mark another time, and traders are split on whether the largest cryptocurrency has further to fall.
The retest comes as Bitcoin tracks toward a rare three-straight quarterly decline.
While some traders point to Bitcoin’s recent resilience and flag potential support near current levels, a closely followed analyst is bracing for more pain.
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A rare three-quarter losing streak comes into view
Bitcoin’s slide has been steep and sustained. As per CoinGecko, King crypto has shed nearly 20% over the past month and is down more than 32% year to date, leaving it well below the $126,080 record it set in October 2025.
A third consecutive negative quarter would be rare for an asset more accustomed to sharp but short-lived drawdowns, and it has revived debate over whether this cycle has structurally shifted.
At press time, Bitcoin was changing hands near $58,990, off about 1.26% over the prior 24 hours.
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Rekt Capital sees a 2022 repeat
Analyst Rekt Capital is among those expecting the downturn to deepen. In his read, the current cycle is closely echoing Bitcoin’s brutal 2022 bear market, when it collapsed from the high of near $40,000 to roughly $16,000 amid a wave of crypto blowups.
“This cycle has repeated 2022 tendencies very closely thus far and looks like that will continue throughout the summer,” he wrote.
Central to his call is the 50-month exponential moving average (EMA), which is a long-term trend line spanning about four years that currently sits near $65,600.
Rekt Capital expects Bitcoin to close June beneath that level, flipping what was once support into overhead resistance for July.
He anticipates a rejection there in August, a setup that would keep selling pressure firmly in control through the summer. With Bitcoin holding below the average for now, the technical picture leans bearish.
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This story was originally published by TheStreet on Jun 29, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
