Bitcoin has slipped under $72,000 to start June, extending a tense standoff that began in the final days of May. The largest cryptocurrency closed May at $73,568, but has since lost ground — hovering just above $71,000 at press time. Analysts including Benjamin Cowen and PlanB are now warning that the next major move could be a drop toward $60,000.
The warning from Cowen and PlanB
Both analysts have publicly flagged downside risk. Cowen pointed to technical weakness after Bitcoin failed to hold the $73,000 level, while PlanB cited on-chain signals that suggest a correction could be underway. Neither offered a specific timeline, but both see $60,000 as a plausible next stop if support around $70,000 breaks.
Their calls aren't new — both have been bearish for weeks — but the price action is now aligning with their caution. The standoff is real: buyers keep stepping in near $71,000, but each bounce looks weaker than the last.
Why this time feels different
The selling pressure isn't coming from any single headline event. No exchange hack. No regulatory bombshell. Instead, it's a slow bleed — lower highs, lower lows, and thinning order books on major spot markets. Volume has been dropping since mid-May, which often precedes a sharp move.
That kind of setup tends to favor sellers. When liquidity dries up, a relatively small sell order can push prices down fast. The $70,000 round number is now the line in the sand. If it goes, $60,000 is the next obvious target.
What happens if $60,000 doesn't hold
That's the question nobody's answering yet. $60,000 has acted as support multiple times this year, but a break below it could open the door to a retest of $50,000. Cowen hasn't gone that far publicly, but PlanB's model — which he has defended for years — suggests a trough around $55,000 before the next halving cycle recovery.
For now, the market is waiting. Traders are watching the weekly close on Sunday. If Bitcoin ends the first week of June below $70,000, the bearish case gets a lot harder to ignore.
