Bitcoin faces steeper losses after breaking below $64,000
Businessinsider reports that bitcoin plunged below $64,000 and hit a 15-month low, continuing a sustained downturn since peaking in October and risking further steep losses. Analysts warn the sell-off could deepen. Nic Puckrin of Coin Bureau said the crypto could fall as low as $55,700 if it fails to hold above $70,000, calling the market in "full capitulation mode" and pointing to large-scale selling by whales and some institutional selling.
Zack Shapiro of the Bitcoin Policy Institute said long-term fundamentals such as institutional adoption remain intact but that support might not arrive until the 200-week moving average near $58,000. Technical strategist Katie Stockton said a meaningful break below $70,000 would likely push bitcoin toward about $57,800 and that the cyclical uptrend has lost hold.
More severe forecasts include Stifel's view that bitcoin could fall to around $38,000 based on past bear-market lows.