Bitcoin May Be Preparing for a Deeper Correction — Mr. João Wesson Flags Possible Retest of $69,000

Bitcoin appears to be at a critical juncture where a deeper corrective phase could unfold, according to Mr. João Wesson. While optimistic scenarios remain on the table, the possibility of a retest of the 2021 peak near $69,000 persists, and traders should consider both technical and macro factors before positioning for new directional moves.

Technically, Bitcoin has shown extended strength in recent weeks, but extended rallies commonly attract profit-taking and increased volatility. Key resistance zones around the previous all-time high near $69,000 can act as significant supply areas where sellers re-enter. At the same time, several support bands below current price levels could be tested if momentum shifts to the downside.

There are multiple plausible scenarios: a) a controlled pullback that finds support and resumes the uptrend, b) a deeper corrective leg that re-tests prior highs as resistance then falls back to lower support, or c) a sharper trend reversal if broader macro risks intensify. Mr. João Wesson highlights scenario (b) as an important risk for market participants, noting that historical price behavior around major peaks often includes re-tests and volatile chop.

From a risk-management perspective, traders should identify clear invalidation points for their thesis and size positions accordingly. Using layered entries and trailing stop techniques can help navigate potential whipsaw around critical zones. Additionally, monitoring on-chain indicators, derivatives positioning, and macro liquidity conditions will provide confirmation or early warnings for a shift into a deeper correction.

For investors focused on time horizons, shorter-term traders must respect intraday support and resistance, while medium- to long-term holders should consider whether a deeper correction creates accumulation opportunities. Institutional flows and spot demand remain important: if large buyers re-enter at lower levels, they could absorb selling pressure and shorten the depth of any corrective phase.

Key technical levels to watch include the 2021 peak near $69,000 as potential resistance, intermediate support bands where previous consolidation occurred, and moving averages that act as dynamic support. Watch volume and volatility spikes—sustained selling on high volume would increase the odds of a deeper correction.

Ultimately, the market remains data-driven. Traders and investors should combine technical analysis insights with macro signals to form a balanced view. While the bullish regime is not yet invalidated, the risk of a retracement or deeper correction is material and deserves careful preparation.

In summary, Mr. João Wesson warns that a retest of the 2021 high near $69,000 is still on the table and that market participants should prepare for both continuation and corrective scenarios. Proper risk controls, monitoring of liquidity and on-chain data, and clear plan rules will be essential for navigating the coming price action.