Bitcoin (BTC) extended its steep decline on Thursday, briefly falling below the $67,000 level and hitting its lowest since November 2024.
The new pressure follows comments from market analyst Hugo Crypto, who noted that a recent report from investment bank Stifel outlined a significantly bearish outlook for Bitcoin.
Will Bitcoin’s decline become even more severe?
According to Stifel, analysisthe leading cryptocurrency could continue to fall towards $38,000. If this goal is achieved, it would result in a further decline of approximately 43% from current levels, returning Bitcoin to the price last seen in January 2024.
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Stifel’s forecasts are built on several macro and market-specific factors. The company cited the impact of the US Federal Reserve’s (Fed) tightening policies, continued uncertainty and stagnation surrounding US crypto regulations, reduced market liquidity, and sustained outflows from spot Bitcoin exchange traded funds (ETFs).
The bank also placed its outlook in the context of past Bitcoin market cycles. Stifel said Bitcoin’s October 2025 peak near $126,000 fits into a familiar pattern seen in previous cycles, where it is typically followed by a long period of significant drawdowns.
Market watcher Walter Bloomberg echoed additional warnings. highlighted These include a decline in demand, a sharp slowdown in ETF inflows, and increased stress in the derivatives market.
Futures markets in particular appear to be entering what he describes as “forced deleveraging,” where leveraged positions are rapidly unwound and selling pressure increases.
BTC faces major technical test
ETF data The situation since Thursday further highlights the tension in market sentiment. The Spot Bitcoin ETF has recorded net outflows of approximately 7,925 BTC (equivalent to approximately $533 million) on the day so far.
Net outflows over the past seven days have reached around 19,090 BTC (about $1.28 billion), raising concerns that institutional demand is disappearing rather than supporting it.
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From a technical perspective, analyst MartyParty says: highlighted Significance at the $68,000 level. Bitcoin needs to regain this level for it to stabilize in the short term. This area coincides with the 200-week exponential moving average, a level often emphasized during major market corrections.
According to technical analysts, failure to break above this zone could open the door for a move towards the 200-week simple moving average, which is currently near $58,000.
Based on CoinGecko, Bitcoin was trading around $67,100 at the time of this writing, down about 8% on the day and over 20% over the past week. data.
Featured image from DALL-E, chart from TradingView.com
