Bitcoin’s collapse over the weekend brought it to the $60,000 level Back to the market conversationBut cryptocurrency analyst Merlijn The Trader believes the real opportunity may come at a lower price. Technical analysis comparing Bitcoin’s current structure with the 2022 Wyckoff accumulation phase shows that buying the current bounce would be a costly mistake as the true accumulation window… It hasn’t even opened yet.
Bitcoin’s Wyckoff setup points below $60,000
To understand where Merlijn The Trader believes Bitcoin is headed, it helps to understand where it has been. Merlin’s analysis It was built around Wyckoff accumulation model, using the structure of Bitcoin’s 2022 bottom as a reference point.
Back in that cycle, Bitcoin formed a spring around $15,500, and rebounded to the $23,000 area, as excited buyers rushed in, thinking the worst was over. However, this was not the case. The price action then triggered a secondary wave of selling that crushed late buyers before the true marking phase began.
Related reading
The analyst believes that the structure of 2026 is It develops in a similar way. Its chart shows that Bitcoin is currently trading around the same phase where the market previously moved through a sign of strength, lost momentum, and later fell into the spring phase. The important message is that any bounce from the current area may not be the point at which traders should become more aggressive with their purchases.
Another important message from the analysis is that the $60,000 level may be misleading. Bitcoin fell below this level during the recent sell-off, which is important as support Because it is close to 200 week moving average.
Bitcoin price chart. Source: @MerlijnTrader On
The most important DCA area
The Wyckoff setup by Merlijn identifies five phases: Phase A stops the downtrend through oversold, Phase B builds the cause with institutions accumulating inside the range, Phase C provides the spring, which is a final jolt under support, Phase D emerges within the range with a final point of support and a sign of strength, and Phase E is the breakout and uptrend.
Related reading
Merlijn’s chart places Bitcoin within this structure in 2026, with the spring phase still underway. The analyst’s forecast is that Spring to $50,000 is comingfollowed by a rebound rally to the $65,000-$70,000 range. He warns that this rebound will once again attract bulls who will buy into what appears to be a rebound, the same trap investors fell into in 2023.
Merlijn places the dollar average cost of Bitcoin between $48,000 and $59,000. This range is the part of the chart where better entries are expected to appear in the long term. Therefore patience is required, and the conclusion is that the best time to start buying Bitcoin may come when fear is strongest within the range of $48,000 to $59,000, not when Produces its first bounce Back above $70,000.
At the time of writing, Bitcoin is trading at $62,891.
