Crypto expert Plan B warns Bitcoin could fall below $54k
In a notable turnaround, the Bitcoin price trajectory broke its five-month downward spiral in March 2026, mustering a modest 2% increase. This uptick occurred despite widespread apprehensions of a prolonged downturn in the second quarter. A technical analysis of the cryptocurrency's price movement reveals a distinctive inverted hammer pattern, a formation that has traditionally been indicative of an impending bullish trend, even in the midst of a bearish market landscape.
Following its all-time peak of $126,198 in October 2025, the flagship cryptocurrency experienced a precipitous decline of over 41% across the subsequent five months, as reflected in data compiled by TradingView up to April 1. Meanwhile, over the past day, the price of Bitcoin saw a near 3% appreciation, reaching approximately $68,702. Consequently, its market capitalization stood at roughly $1.36 trillion, accompanied by a 24-hour trading volume of around $43.45 billion.
As Bitcoin appears to be attempting a reversal of its trend over the past month, market sentiment has undergone a cautious shift towards bullishness, albeit with lingering concerns about potential market capitulation. This evolving sentiment is echoed in the Fear and Greed Index published by CoinMarketCap, which transitioned from a state of Extreme Fear earlier in March to a Fear reading of 32 as of April 1.
From an optimistic viewpoint, the closure of the first quarter saw Bitcoin's price retest and rebound from its 2021 peak of around $69,000, potentially paving the way for a relief rally in the second quarter, as forecasted by financial experts at ActivTrades. However, the pseudonymous analyst PlanB, renowned for developing the Bitcoin Stock-to-Flow model, has urged caution, warning of a potential bull trap. According to PlanB, the Bitcoin price may plummet below its 200-weekly Moving Average, currently hovering around $59,000, and revisit its realized price of $54,000 before initiating its next significant upward movement.