Bitcoin (CRYPTO: BTC) may not have found its bottom yet, with veteran trader Gareth Soloway warning that the cryptocurrency could still retest $60,000 before a durable recovery forms.

"Don't Think We've Reached A Bottom Yet"

Speaking with Paul Barron on June 3, Soloway said Bitcoin's current structure resembles a larger bear flag, with recent sideways price action following a steep decline.

BTC recently slipped back into the $60,000 range as crypto traders faced another wave of liquidations and renewed fear across the market.

Soloway said Bitcoin has already tagged minor support near $65,500, but warned that the larger technical test remains closer to $60,000.

"I don't think we've quite reached a bottom yet on Bitcoin," Soloway said.

He added that if Bitcoin breaks below $60,000, traders may need to start watching the $48,000-$50,000 region.

A larger head-and-shoulders pattern could even imply downside toward $35,000, though Soloway said he hopes that full target does not play out.

Ethereum, XRP, Hyperliquid Levels

Soloway said Ethereum (CRYPTO: ETH) is nearing a key support test around $1,730.

If that level fails, ETH could move toward $1,385-$1,400, where Soloway said he would begin adding exposure in small increments.

On XRP (CRYPTO: XRP), Soloway said he holds a small position and is watching the $1.14 support zone. A breakout above $1.33 could create stronger upside momentum, he added.

He also said he is beginning to nibble on select altcoins such as Solana (CRYPTO: SOL), Chainlink (CRYPTO: LINK) and Avalanche (CRYPTO: AVAX) after sharp declines.

While most of crypto remains under pressure, Soloway said Hyperliquid, as measured by Hyperliquid Strategies Inc (NASDAQ:PURR) may still have upside toward $82 based on its current trendline structure. He described that area as major resistance where the token could begin running out of steam.

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