Bitcoin's Bearish Outlook ContinuesBitcoin / U.S. dollarBITSTAMP:BTCUSDF_GoldGuideBitcoin's Bearish Outlook Continues On February 28th, Bitcoin's price plummeted, falling below $64,000, a 3.5% drop in a single day, hitting a low of $64,400. Within 24 hours, the price further plunged to $63,030, a drop of 6.24%. The immediate trigger was geopolitical conflict, particularly news of Israel's attack on Iran. Three loud explosions were heard in Tehran, the Iranian capital, prompting Israel's Defense Minister to announce a preemptive strike against Iran and declare a state of emergency nationwide. This triggered a panic sell-off in the cryptocurrency market. Key Information: Despite the price decline, data shows that Bitcoin spot ETFs are beginning to attract investors. Since Tuesday, Bitcoin ETFs have seen inflows of $1.01 billion. The downtrend may end in the fourth quarter of 2026, with an upward trend potentially starting in the first or second quarter of 2027. Current market sentiment is bearish; if the support line is broken, the price could break the $60,000 mark. Overall, Bitcoin is entering a consolidation and bottoming phase, rather than a V-shaped reversal. The most severe sell-off has passed, and a price surge in the short term is unlikely; a prolonged period of consolidation is more probable. Bitcoin is expected to consolidate within a wide range of $60,000 to $70,000, a process that could last for weeks or even months. Recovery will take time: After a significant pullback, market sentiment typically requires a cooling-off period of three to six months to recover. Therefore, a V-shaped reversal in the short term is highly improbable.