Bitcoin crashed to $59,000 on Tuesday, sending a wave of fear through the crypto market. The selloff was sharp but short-lived — prices quickly recovered to around $61,000. Crypto analyst Alex Mason says he saw the drop coming and argues it's part of a deliberate plan: the final shakeout of the bear market before a massive rally.
The $59,000 floor
Bitcoin's slide to $59,000 marks the lowest level in weeks. Market data showed extreme fear as the selloff triggered stop-losses across exchanges. The recovery to $61,000 happened within a few hours, but the damage to sentiment was real. Mason, who had flagged the possibility of a dip last month, says this confirms the bottom is forming.
Mason's bear-market thesis
Mason uses the Bitcoin Rainbow Chart for his analysis — a tool that maps price ranges to sentiment zones. He says the current move is the final leg of the bear market. In his view, the crash to $59,000 and the bounce back to $61,000 is textbook bottom formation. "The market is shaking out weak hands before the next leg up," he wrote.
What comes next
Mason predicts a short-term recovery to $65,000. Then comes another, larger drop to $57,000. After that, he expects a deeper correction into the $40,000s, with initial support at $47,000. That low, he says, will be the launch pad. From $47,000, Mason sees a move back to six figures, targeting $200,000 — a gain of over 200% from current levels. His earlier Rainbow Chart analysis had suggested a top of $400,000 by 2029.
The timeline is unclear. Mason didn't give dates for the $57,000 dip or the $47,000 floor. But he's adamant that the worst of the bear market is over and the pattern is playing out exactly as the chart predicted.
