Several crypto analysts still believe that there will be a final flush out that sends Bitcoin prices as low as $50,000 before the cryptocurrency is able to mount a measurable recovery.

Bitcoin ($BTC) trader and author Ivan Liljeqvist posted to X on Tuesday that Bitcoin is yet to have “the big flush.”

“I don’t think we’ve had it yet, I don’t think $60,000 was the bottom,” he added. “Trend is still down.”

Liljeqvist said the few bounces that Bitcoin has seen “are tiny” in comparison to its wider price trend, and the strength seen in past bull markets is “just not here right now.”

The analyst Merlijn Enkelaar said that Bitcoin was about to enter its second bear market phase after accumulation, and a “manipulation phase” could send Bitcoin down to $50,000 before the third “distribution phase.”

Nick Ruck, the director of LVRG Research, told Cointelegraph that Bitcoin falling to the $50,000 level is being seen as “the last significant accumulation zone before any sustained recovery and would represent a healthy cycle reset amid macro pressures and weak capital rotation.”

“This could potentially set up for stronger bullish momentum once the flush concludes, but the institutionalization of crypto markets places consistent buying pressure at current levels.”

Bitcoin still looks “super bearish” on the high time frame, said analyst “symbiote” on Monday. “I am waiting for a final huge dump to one of my targets: $59K or $50K. Either way, [the] last dump is coming,” he added.

Meanwhile, analyst “Jelle” identified a bearish flag chart pattern, which was “still in play” on Monday. The bear flag is a bearish trend continuation signal indicating further price declines.

The bearish sentiment remains among renowned analysts despite today’s Bitcoin rally to just below $75,000 on renewed hope for a deal between the US and Iran to end weeks of conflict that have suppressed global markets.

Bitcoin may not reach “idealized 60% drawdown”

Ruck said that while Bitcoin is already down around 40% from its last all-time high with significant institutional participation, previous cycles driven by retail speculation saw diminishing drawdowns.

Related: Bitcoin nears $75K as Iran deal hopes spark $400M short squeeze

There was an 82% drawdown in the bear market that followed the 2017 peak and a 77% decline following the 2021 all-time high.

“There is a chance this cycle might not reach an idealized 60% drawdown due to its distinctively macro-structured market environment,” he said.

Earlier this month, Fidelity Digital Assets also stated that downside risk has been less dramatic in 2026 when compared to previous cycles.

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