Bitcoin Price Forecast: Can BTC Hold $60K Support Amid Rumored SpaceX IPO?

If you read my last week’s Bitcoin price analysis, you’ll know that I was very accurate in predicting a decline toward $75,000. However, what I didn’t anticipate was a wholehearted crash toward $60,000, where every bullish safety net snapped at once.

Middle East tensions drove oil and inflation fears higher, rate-cut hopes faded, Strategy’s tiny-but-symbolic Bitcoin sale shook confidence, ETFs kept bleeding capital, and overleveraged longs were forced out in a brutal cascade.

We also saw the US stock market weakening following the stronger US jobs data last Friday. That, again, reduced the Fed’s potential to cut interest rates, hurting risk appetite overall.

However, Bitcoin showed some bullish strength near its support confluence, comprising the $60,000 psychological support and the 200-week simple moving average (the blue wave in the BTC/USD chart section above).

This week is all about holding above this seemingly solid floor as Bitcoin traders await a flurry of key events: the Consumer Price Index (CPI) report on Wednesday and the potential SpaceX IPO on Friday.

Let’s dwell.

Bitcoin Beats Stocks Ahead of CPI, SpaceX IPO

Bitcoin was wobbling between gains and losses at the beginning of this week while holding above the $63,000 price floor on Monday.

This intraday performance was still better than the broader risk-on market. For instance, Asian equities were suffering as investors rushed out of the hottest AI-linked ​shares on fears the bull run has gone too far, too fast and as fresh hostilities in Iran pushed ‌up oil prices.

I chatted with Daniela Hathorn, senior market analyst at CFD trading platform Capital.com, about Bitcoin’s resilience to the drastic risk markets. She had an interesting point to make: BTC is already down too much compared to global stocks, so a rotation into the cryptocurrency is natural.

“Bitcoin already underwent a significant correction over recent weeks, falling from above $80,000 to the low-$60,000s before the latest geopolitical flare-up,” Hathorn noted, adding:

“By contrast, equity markets were coming off fresh record highs and arguably had more positioning to unwind once sentiment deteriorated.”

Bitcoin’s next major macro test arrives Wednesday, when the US releases its May CPI report at 8:30 AM ET. Consensus estimates show headline inflation accelerating to 4.2% year over year, up from 3.8%, while core CPI is expected to rise slightly to 2.9% from 2.8%.

A hotter-than-expected print would likely strengthen the “higher-for-longer” Fed narrative, reduce rate-cut hopes, and add pressure on Bitcoin after its sharp crash. But a softer CPI reading could give BTC room for a relief rebound.

Bitcoin may face a short-term liquidity headwind from the upcoming SpaceX IPO, which analysts warn could pull capital away from speculative assets.

The offering is reportedly targeting a $75 billion raise at a potential $1.75 trillion valuation, making it a major magnet for risk-on capital. Analyst Thierry Borgeat said roughly $350 billion in fresh equity issuance from SpaceX, OpenAI, Google and others is already competing with assets like Bitcoin.

🚨 Bitcoin just dropped from $74,000 to $67,500 in 48 hours. On no real news.

One thesis that fits the data:

The exit liquidity rotation has begun.

In the next months, four companies are raising over $350 billion in fresh equity:

– SpaceX IPO: ~$75B
– OpenAI raise: ~$100B
–… https://t.co/rFDeoxyHra pic.twitter.com/0bSSUAerfB

— Thierry from arvy 🇨🇭 (@ThierryBorgeat) June 2, 2026

SmashFi CEO Brian HoonJong Paik called the trend “exit liquidity rotation,” where investors sell BTC to fund exposure to high-profile IPOs.

SpaceX’s own Bitcoin holdings support the long-term adoption story, but near-term rotation could still pressure BTC.

Bitcoin is Heading Toward $50,000 Unless…

From a technical standpoint, Bitcoin has entered the breakdown stage of its prevailing bear flag setup, with the measured price target at around $50,000.

Conversely, BTC’s strong hold above the $60,000 price target and the 200-week SMA creates a scenario wherein the price bounces sharply toward the 50-week SMA above $70,000 this week.

In that case, BTC may begin forming a double bottom, a classic bullish reversal setup that appears when price tests the same support area twice, and sellers fail to force a deeper breakdown.

The key confirmation level sits near $82,900, which marks the neckline of the potential pattern. A weekly close above that level would validate the double-bottom structure and open the door to a stronger recovery toward the 50-week SMA near $91,700.

The full measured target sits near $115,800, based on the distance between the $60,000 support and the neckline.