Bitcoin sinks under $80,000, faces potential drop to pre-election levels as correction continues
Trust has been compromised by incidents like the LIBRA coin launch, said Magic Eden’s co-founder.
Key Takeaways
- Bitcoin has dropped 21% from its all-time high, warned Wolfe Research.
- Analysts suggest Bitcoin could fall to $70,000 if the $90,000 level isn’t reclaimed.
Bitcoin hit a low of $79,500 on Binance on Thursday, marking a 26% decline from its January peak, as broader market risk aversion continues to pressure crypto assets.
The leading digital asset could retreat to $70,000 — a level not seen since Election Day — if it fails to reclaim $90,000, according to Wolfe Research.
A drop to the mid-$70,000 range is possible, Wolfe analyst Read Harvey warned, noting that a break below the key $91,000 support signals a bearish turn, and current price action is concerning.
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