Bitcoin Price Prediction: Second Bullish Pattern Emerges as BTC Eyes $60K

Bitcoin (BTC) has retreated three days in a row after hitting a key resistance at $66,000 as bearish sentiment persists.

We were expecting a bullish breakout above this level to confirm a W-shaped pattern. This could have set the stage for a strong move to the $74,000 area to retest the asset’s 200-day exponential moving average (EMA).

However, market conditions are still unfavorable for crypto assets, as higher oil prices are threatening to keep inflation far from the Federal Reserve’s target of 2% in the United States.

Meanwhile, net inflows to exchange-traded funds (ETFs) snapped a 7-day streak of positive figures during the last two days of this week, as investors withdrew $465 million out of these vehicles.

As a result, monthly ETF inflows are now nearing negative territory. If July closes with net outflows, this would be the third month in which investors take money out of these funds.

Bearish sentiment seems to persist despite Bitcoin’s resilience. The top crypto has managed to stay above $60,000 in the past weeks, but every rally has been met with strong selling pressure at key levels.

Social Sentiment Toward Bitcoin (BTC) Remains Heavily Depressed

Data from Santiment also shows that social sentiment has been steadily declining since March 2025. Even though Bitcoin made a new high back then at around $126,000, this indicated that the general public has turned its attention to other promising areas of the tech space like AI and space travel.

Recent high-profile IPOs like that of SpaceX (SPCX) and successful companies in the AI space like NVIDIA (NVDA) could have drawn resources that would otherwise go to the crypto market, as this new technology has been captivating investors for months.

What we are seeing now is an ongoing capital rotation out of crypto and into these promising segments of the tech industry, and this could keep a lid on the price of BTC in the mid-term.

Paired with challenging macroeconomic conditions and rising geopolitical tensions, the current scenario is unfavorable to cryptocurrencies. Hence, buy signals should be treated with caution, while sell signals could yield the best results.

BTC Could Form a Bullish Inverse Head and Shoulders Pattern If It Stays Above $60,000

Looking at the daily chart, we were tracking a W-shaped bullish pattern that had been forming for weeks. However, this setup was invalidated as BTC failed to climb above the $66,000 threshold.

That said, a second pattern could form despite this drop if the $60,000 support holds. This would be an inverse head and shoulders pattern. Interestingly, this setup gives us a similar projected target of $74,000 in the near term based on the size of the head.

For now, the Relative Strength Index (RSI) has dropped below the signal line, meaning that momentum has shifted from bullish to bearish.

Hence, we would have to wait and see how the price action reacts to a retest of the $60,000 area, which seems to be the most likely landing zone for BTC if this downtrend continues.

As we have stated in previous Bitcoin price prediction articles, the odds that we are either near or at this cycle’s low are high based on long-dated price patterns in the weekly time frame.

However, market conditions are still quite unfavorable to cryptocurrencies, and that could mean that these old patterns may not play out as expected.