Bitcoin ($BTC), after falling to $60,000, managed to recover to over $70,000 but failed to maintain that level.

With Bitcoin having fallen to the $66,000 level, while further declines are expected, some are also suggesting that $60,000 could be the bottom.

At this point, a Kraken analyst stated that $BTC could recover if it stabilizes between $65,000 and $70,000.

Speaking to DL News, Kraken analyst Thomas Perfumo predicts that Bitcoin has a high probability of recovering if its price stabilizes in the $65,000 to $70,000 range.

A Kraken analyst noted that options traders are betting on $BTC’s volatility decreasing within this range.

Perfumo recalled that similar trends were observed during the $BTC corrections of August 2004 and March-April 2005, with recovery rallies following periods of large-scale selling and high volatility.

“Historically, we saw a similar dynamic during Bitcoin’s corrections in August 2024 and March-April 2025.”

In both cases, recovery rallies followed as markets digested the heavy sell-off and volatility returned to normal.

Perfumo also cited on-chain data to support his expectation of a market recovery. He noted that the Coin Days Destroyed (CDD) indicator, which tracks long-term assets, has fallen to low levels following its surge in 2024-2025. According to the analyst, this indicates a decrease in selling pressure from long-term investors and creates favorable conditions for market stabilization as supply pressures decrease.

*This is not investment advice.