Bitcoin Faces Rejection at $64K as Analysts Set Lower Targets
Bitcoin（BTC） has not fully capitulated yet, but the latest rejection at $64,000 is raising bearish risk. Analysts Ted Pillows and Ali Martinez argue the bottom may still be ahead, based on historical patterns and a technical channel. Ted Pillows suggests BTC could fall below $50,000 and possibly $45,000 before stabilizing.
Ali Martinez points to a top-of-channel rejection and expects a deeper pullback. His downside scenarios include a move under $60,000, and a multi-year low target near $56,550. In parallel, Ali’s chart also highlights a potential near-term retest around $59,700.
On the data side, another analyst (CW) discusses the Kimchi Premium—BTC’s price spread on Korean exchanges versus global markets. The metric eased from about -2% to -0.835%, implying improving Korean demand. Traders may treat this as an early sign the bearish trend could be losing momentum, especially if the Kimchi Premium turns positive.
Overall, the message for Bitcoin traders is clear: despite macro noise, BTC technical weakness around $64K dominates near-term positioning, while improving regional demand data offers a limited counterweight rather than a confirmed reversal.
Bearish
The article’s trading takeaway is bearish for Bitcoin in the near term. The dominant signals are technical: rejection at $64,000 and analyst projections that BTC could drop below key psychological levels ($60,000) and potentially test deeper support near $56,550, with an even lower range ($50,000–$45,000) suggested by Ted Pillows. This resembles prior “no-bottom-yet” regimes where price briefly holds above major macro levels, but failed breakouts trigger a second leg down.
However, the Kimchi Premium improvement (from about -2% to -0.835%) is a constructive offset. In past market cycles, regional demand indicators have sometimes preceded stabilization when global price action was weak—often acting as an early warning rather than a full reversal. So the long-term implication is conditional: if Kimchi Premium keeps trending toward zero and turns positive, it could support a base-building process.
Net impact: traders may continue to favor downside hedges or wait for confirmation below/above key levels. Short-term volatility is likely to remain elevated around the $64,000 rejection zone and the subsequent $59,700/$60,000 tests, while any sustained improvement in Kimchi Premium could reduce the odds of the most extreme lower-target scenarios.