Bitcoin (BTC) price is still facing downward pressure due to an increasing weakness in the market. Despite the ongoing downtrend, crypto analyst Crypto Patel thinks that this period of correction can turn out to be good for accumulating Bitcoin before rising to a new high level.
At the time of writing, BTC price is trading at $73,389 after a strong wave of selling activity across the market. The recent decline pushed the BTC price down by 3.15% over the last 24 hours. Despite the pullback, market activity stayed high with daily trading volume reaching $58.86 billion, while Bitcoin maintained a market capitalization of $1.47 trillion.
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Bitcoin Price Cycle Points to Higher Targets
On May 28, 2026, Crypto analyst Crypto Patel highlighted that it can be used to increase holdings of Bitcoin before it starts its march towards even higher goals. As mentioned by Patel, the current situation, where a lot of people are frightened because Bitcoin is trading at $74,000, is not an exception in the market cycle.
In his explanation, Patel says he is closely following three accumulation zones. In fact, his first buy zone at $60,000 has been successfully covered. He still has a second buy zone at $45,000 and his final buy point at $35,000.
Further, Crypto Patel outlined some extremely ambitious long-term goals of Bitcoin pricing at $200,000, $300,000, and even $500,000.
Nonetheless, it was emphasized by the expert that such figures should be considered only from the point of view of long-term goals, rather than short-term market expectations. According to Patel, significant pullbacks give the most lucrative prospects to long-term investors.
Bearish Momentum Builds for Bitcoin Price
The technical indicators are now signaling that the price of Bitcoin is under greater and greater bearish pressure. The RSI 14 for the coin stands at 35.09, and it is now trading below the RSI moving average at 44.86. These developments suggest that buying power is on the decline, and sellers continue dominating the short-term trends.
Meanwhile, the MACD indicator is also suggesting sustained weakness in the movement of the price of Bitcoin. The current reading on the MACD line is -773.43, which is below the signal line value of -609.28. Moreover, the histogram shows a negative value of -164.15.
If Bitcoin price continues to falter on its support lines, there is potential for further short-term weakness prior to reaching a stable position. Nevertheless, many investors continue watching for pullback levels as they gear up for potential accumulation prior to the next phase.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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