Bitcoin Falls to Lowest Level Since Last November, Analysts Suggest Further Correction to $70,000 Possible

Odaily News On Thursday, Bitcoin's price plummeted to its lowest point since last November, triggering a significant sell-off in the cryptocurrency market. This decline was initially sparked by sharp drops in gold and stocks during the early US trading session. However, despite substantial rebounds in those markets from their lows, cryptocurrencies failed to stage a similar recovery, highlighting the sector's relative weakness.

Matt Mena, a cryptocurrency research strategist at 21Shares, emphasized that it is crucial for Bitcoin to hold the $84,000 support level. He pointed out that if this support fails to hold, the next target would be the $80,000 level where market buyers entered last November. A break below that level could see Bitcoin fall to the $75,000 low touched during the April 2025 tariff turmoil.

John Glover, Chief Investment Officer at Bitcoin lending platform Ledn, views today's selling pressure as part of Bitcoin's broader correction since hitting its all-time high in October. This downward move could ultimately push Bitcoin's price down to $71,000, representing a 43% drop from the $126,000 peak seen in early October.

Russell Thompson, Chief Investment Officer at Hilbert Group, added, "All technical support levels have been breached. I believe Bitcoin currently lacks support, and its price could potentially fall to $70,000."