Bitcoin Price at a Crossroads: Is the Bottom In or Is One More Dip Coming?

Bitcoin price is hovering around $63,000, recovering from last week’s lows as ETF inflows have started improving sentiment again. Looking at the market scenario, some believe Bitcoin has already found its bottom, while others expect one last dip before the next major rally. Despite these different short-term views, most still see a strong long-term future for the world’s largest cryptocurrency. 

Let’s take a look!

Cathie Wood Says the Worst Is Over

ARK Invest CEO Cathie Wood is among the most optimistic voices right now. Looking at Bitcoin’s performance alongside gold, she said both assets have already gone through their recent correction and Bitcoin has likely found its bottom.

“We believe that it has bottomed on this basis and will resume the very volatile but broad uptrend that you see on this chart.” Bitcoin had been going down, it seems to be in a bottoming process.” Wood said. 

Wood isn’t saying the ride will be smooth. She expects Bitcoin to remain highly volatile, but the bigger trend is still pointing higher. For long-term investors, she sees the recent weakness as part of a normal market cycle rather than the start of a deeper decline.

But Not Everyone Thinks the Correction Is Finished

While Wood noted that Bitcoin has already bottomed, 10x Research founder Markus Thielen thinks the market may still have one more painful move left.

In a recent interview, Thielen said there simply aren’t enough buyers supporting Bitcoin at current levels.

“There is no real buyer right now. MicroStrategy was really the only buyer.” Thielen said. 

According to him, continued selling from Bitcoin ETFs could push prices down to around $46,000-$47,000 before the market finally stabilizes. However, he doesn’t expect Bitcoin to stay there for long.

Once that final shakeout is over, Thielen sees Bitcoin recovering to around $60,000-$65,000 by the end of the year.

Long-Term Bulls Aren’t Worried

Despite the debate over the next few months, the long-term outlook remains extremely bullish.

Bitwise CIO Matt Hougan says Bitcoin’s future could be much bigger than many investors currently imagine. Bitwise has already projected a price target of $1.3 million by 2035, but Hougan now pointed even that may be too conservative.

“If Bitcoin can be both a store of value and an actual currency… you have to ratchet that up, maybe another million-dollar increment.” Hougan said. 

He says Bitcoin’s ability to function as both digital gold and a global payment network dramatically increases its long-term value. Recent strength during periods of geopolitical uncertainty has only reinforced that view.

Why This Bear Market Feels Different

Adding another perspective, crypto analyst Benjamin Cowen says many investors may be overestimating how bad this correction really is.

According to Cowen, the current Bitcoin bear market has actually been less severe than the previous three post-halving bear markets.

“The reason it feels worse is that there was not a euphoria phase.” Cowen said.

He explained that unlike previous cycles, Bitcoin never experienced an explosive blow-off top before correcting. Since prices started falling from lower-than-expected levels, many investors feel the decline has been worse even though the drawdown itself has been relatively mild.