Bitcoin's 14-year support line 'shattered'...Analyst warns "it will hit $55,000"

▲ Bitcoin (BTC), decline, bear market/ChatGPT generated image

An analysis suggests that Bitcoin (BTC) has broken below its long-term support line, which it had maintained for 14 years, for the first time, raising concerns about further declines. As it slipped below the psychological benchmark of $80,000, some analysts warned that Bitcoin could drop to $55,000.

NewsBTC reported on May 22 (local time) that cryptocurrency analyst Phila diagnosed Bitcoin's price as having broken below the support line it had maintained for 14 years. Phila emphasized that this support line had held even in previous bear markets, evaluating the current movement not as a simple decline, correction, or shakeout, but as a "surrender unfolding in real-time."

Through the chart he presented, Phila suggested that Bitcoin could drop to around $55,000 after the collapse of the key support line. He argued that market participants should prepare for this potential decline, citing his track record of pinpointing the $16,000 bottom in 2022 and Bitcoin's peak in October 2025.

In another post, Phila analyzed that the current Bitcoin price movement is similar to that of 2021. At that time, the market formed a double top, lower highs, and lower lows, and buyers suffered losses in the subsequent downtrend after what appeared to be a relief rally from the bottom. He stated that contrary to the market perception that the $60,000 low in February 2026 is the bottom, the possibility of $50,000 is still open.

For short-term observation, $77,800 was suggested. Cryptocurrency analyst Ali Martinez observed that a clear channel had formed in lower time frames, and Bitcoin was testing the upper boundary of this structure, around $77,800. He explained that if this price level is converted into support, Bitcoin could rebound to around $79,000, but if it fails to break through, it could be pushed back into the channel to secure liquidity.

Martinez suggested $76,900 as the mid-range and $76,000 as the bottom of the channel as key price levels to determine a rebound. With warnings of a long-term support break and the potential for a short-term resistance breakout highlighted simultaneously, the Bitcoin market is expected to determine its direction based on whether it can reclaim the $77,800 level.

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