Bitcoin is now inching towards $70,000, but there is enough to worry about around $64,000. Crypto analyst Tara expressed concern that Bitcoin’s fifth wave may not be complete, with a prediction that further downside could still be ahead. 

In a recent post on X, the analyst noted that the current move could either be the start or the final stretch of a fifth wave decline, and there’s still a possibility of the Bitcoin price falling to as low as $52,000.

Double Bottom Support At $59,900 And $60,500

Technical analysis done by crypto analyst Tara shows that Bitcoin has built a major support around the $59,900 to $60,500 range. This area is based on prior swing lows and a visible double bottom formation on the 4-hour candlestick price chart. It also coincides with deeper Fibonacci retracement levels projected from above $70,000.

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According to the analyst, Bitcoin could see a strong reaction if the price were to fall to that region. A bounce from this support could drive the Bitcoin price back to $64,400, which would then be tested as resistance instead of support.

However, such a rebound may only be temporary. If the macro fifth wave structure continues to play out, the market could still be setting up for one final push lower after that retest. According to Tara’s wave interpretation, this final push lower could extend to as low as $52,000. 

This level is not yet fixed and will be remeasured as price action develops, but it represents a possible completion zone for the broader fifth wave. It is important to note that Bitcoin actually managed to hold above $60,000 throughout February, so therefore, the outlook to $52,000 is a worst-case scenario.

Interestingly, the Relative Strength Index indicator on the 4-hour timeframe is trending lower and approaching oversold territory. Tara advised traders to watch for bullish divergence on the RSI during the next drop. A bullish divergence on the RSI could be the first sign of the end of the corrective structure.

Bitcoin Might Register Higher Support At $64,000

Over the past few weeks, the $64,000 region has stood out as a decisive pivot for Bitcoin, repeatedly flipping between support and resistance depending on the direction of price. In a separate update, Tara highlighted that Bitcoin recently backtested the macro 0.5 Fibonacci level at $64,400 as resistance before attempting to push higher.

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Reclaiming $64,000 would be an important step toward reversing the current bearish macro trend. At the time of writing, Bitcoin is trading around $68,220, up 4% over the past 24 hours. Even so, there is still a risk of a pullback. 

A drop back below $64,000 would weaken the short-term recovery and could expose the prior swing low at $60,500. On the flip side, bullish momentum would be confirmed if Bitcoin breaks above $70,000.

Featured image from Pngtree, chart from Tradingview.com

Metaplanet, a Japanese public company, bought 5,419 Bitcoin in a single purchase and climbed into the ranks of the world’s largest corporate holders.

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According to reports, the buy pushed its total holdings to 25,555 BTC. That move now places the firm among the top five corporate Bitcoin treasuries.

Large Purchase And New Ranking

Reports have disclosed the purchase cost around $632.5 million, at an average price of about $116,724 per Bitcoin. Market watchers noticed the company surpassed exchange-backed treasuries to claim the fifth spot.

The company’s average cost basis across all holdings is said to be roughly $106,000 per BTC. The scale is significant, and the shift in ranking was immediate.

Metaplanet’s leap drew attention because the company did not make the purchase quietly. Based on reports, it has been raising capital specifically to buy more Bitcoin.

The Japanese firm has announced plans to raise around $1.4 billion through share and warrant issuances and other offerings. Those funds are earmarked for additional accumulation.

 

The target gives a sense of their appetite: they aim to hold 210,000 BTC by the end of 2027, a figure that would amount to roughly one percent of all Bitcoin expected to exist.

Metaplanet has acquired 5419 BTC for ~$632.53 million at ~$116,724 per bitcoin and has achieved BTC Yield of 395.1% YTD 2025. As of 9/22/2025, we hold 25,555 $BTC acquired for ~$2.71 billion at ~$106,065 per bitcoin. $MTPLF pic.twitter.com/CBhZi2X9lE

— Simon Gerovich (@gerovich) September 22, 2025

Funding Moves And Strategy

According to reports, the company is using equity sales to fund accumulation, including special share offerings. That approach shifts the balance of risk onto shareholders when Bitcoin swings widely.

Some investors welcome the bold plan. Others worry about dilution and how repeated capital rounds could affect existing holders. The strategy is straightforward: raise money, buy Bitcoin, repeat. Some actions were passive at first, then became aggressive as the company accelerated purchases.

Market response has been mixed. Stock traders reacted with volatility. The company’s share price saw both gains and pullbacks after the announcement.

Some analysts flagged the obvious tradeoff—large Bitcoin exposure can deliver big upside when BTC rallies, but it also amplifies losses during sharp declines.

Still, Metaplanet has posted strong headline gains: one source reported a year-to-date yield near 395% tied to the move into Bitcoin, though that figure depends heavily on Bitcoin’s performance over the same period.

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Ambitious Targets And Risks

Market watchers say reaching 210,000 BTC by 2027 would require continued capital raises and big market buys. Such a plan would keep Metaplanet in the headlines for months and years ahead.

If Bitcoin stumbles, the company’s balance sheet and shareholder returns would be tested. Regulatory shifts could also change the calculus, especially in Japan and other major markets.

Featured image from Unsplash, chart from TradingView

Ahead of its monthly close, Bitcoin (BTC) has seen another unsuccessful attempt to reclaim the $72,000 resistance as a support level. Despite the drop, some analysts consider the cryptocurrency is still in a strong position for an upcoming breakout, setting the next levels to watch.

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BTC’s Sweet 16 Party Turns Spooky

Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in ‘Uptober,’ surging around 13% in the last 30 days. BTC’s price has jumped from the $58,900 monthly low to near its all-time high (ATH) price of $73,737, reaching the $73,300 mark on Wednesday.

Following the green September close, the flagship crypto is set to have its best monthly close since March, potentially registering around 13$ to 14% in monthly returns despite its most recent price action.

On its whitepaper’s 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTC’s price fell below the $71,000 mark, reaching an intraday low of $70,600. Meanwhile, the second largest cryptocurrency by market capitalization, Ethereum (ETH), pulled back around 5.1%, losing the $2,600 support zone.

Crypto analyst Ali Martinez pointed out that today’s drop is the fifth consecutive rejection BTC faces at $72,000. Since its ATH, Bitcoin has been rejected from this resistance level five times, dropping between 8.2% and 18% the four previous times.

Analyst Altcoin Sherpa suggested that BTC could see a 4% to 5% dip if the largest cryptocurrency doesn’t hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should “see some sort of bounce” from the $70,800-$71,400 area in the short term.

BTC is expected to have an extremely volatile week ahead of the US presidential elections. Bitfinex analysts predicted that Bitcoin volatility will peak between November 6 and November 8, as speculation and anticipation about the election outcome affect the cryptocurrency’s performance.

Is Bitcoin Gearing Up For End-Of-Year Breakout?

Cryptoinsightuk weighed in on Bitcoin’s performance, noting that BTC is still at ATH by Open Interest (OI). The crypto investor considers that the Daily Relative Strength Index (RSI) could potentially “cross bearish” today.

He also highlighted that $69,600 should work as a key support level for Bitcoin bulls but warned that losing the $66,500 range could be “messy” as BTC’s open interest would “flush.”

Meanwhile, Crypto Kaleo posted a more bullish outlook for BTC’s price action. The analyst highlighted that the flagship crypto didn’t break above its ATH when it retested the $20,000 mark in 2020.

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Instead, Bitcoin initially pulled back nearly 20% during Thanksgiving, moving from $19,400 to $16,100. Moreover, BTC’s price accumulated within that range for 30 days before breakout, seeing the next leg up in late December 2020.

The analyst pointed out the breakout happened 219 days after May 2020’s Halving. As Bitcoin is currently 194 days post-halving, the analyst considers that “a little bit of a pullback here isn’t any reason for concern.”

As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522.

Featured Image from Unsplash.com, Chart from TradingView.com