Bitcoin Entry Levels: $50K Plan vs $40K Warning
Bitcoin just bounced from a 15-month low near $60,000 after a sharp early-February selloff. Despite recovering to around $72,000, traders are still debating whether the bottom is in.
Analyst Jelle (CryptoJelleNL) says his Bitcoin entry plan remains unchanged: start buying in the ~$50,000 area. He points to weekly RSI staying strongly oversold. His DCA trigger depends on forming a clear higher low, while he warns a failure to hold key support could extend the drawdown. He also expects BTC to revisit the low $60,000s first, with a bear flag below a key resistance.
Earlier, analyst Merlijn The Trader highlighted historically oversold weekly RSI conditions and suggested upside bursts after similar episodes—however, he stressed the BTC chart must hold the ~$65,000 support. Losing that level could push weekly RSI even deeper and lead to new lows.
More bearish, Doctor Profit argues Bitcoin has not bottomed and may fall below Jelle’s zone, potentially down to ~$40,000. He also notes a short-term bounce is possible, but expects rejection around $79,000–$84,000 followed by a further 50%+ downside move.
Key levels traders are watching: $65,000 (support to retain), $60,000s (near-term target), $50,000 (buy zone), $40,000 (downside risk), and $79,000–$84,000 (potential resistance).
Bearish
This is assessed as bearish because multiple analysts frame the current move as fragile and conditional. Jelle’s plan to buy Bitcoin near $50K is explicitly tied to RSI being oversold and to a later technical confirmation (a higher low). That means if the market fails key levels first, the “buy the dip” thesis can be invalidated.
Merlijn’s commentary adds a concrete risk line at ~$65K support: losing it would likely keep weekly RSI deteriorating, historically associated with extended downside before any rebound. Doctor Profit reinforces the bearish tail risk with a potential extension to ~$40K and a scenario where price rebounds into $79K–$84K resistance before another leg lower.
In similar past RSI-stretch selloffs, traders often see short relief rallies that fade at resistance while oversold indicators take time to reset. Therefore, near-term volatility is likely elevated: downside probes toward the $60K–$50K area are plausible, while the $79K–$84K zone could cap upside attempts. Longer term, a stabilization of weekly RSI and reclaiming support would be the signal to shift from “defensive dip-buying” to a more constructive view; until then, the balance of evidence favors risk to the downside.