Bitcoin (BTC) extended its sharp sell-off on Thursday, briefly falling below the $67,000 level and marking its lowest price since November 2024.
The renewed push follows comments from market analyst Hugo Crypto, who pointed to a recent report from investment bank Stifel that painted a noticeably bearish outlook for Bitcoin.
A Deeper Bitcoin Drawdown Ahead?
According to Stifel analysisthe leading cryptocurrency could continue to fall towards $38,000. If this target is achieved, it would mean an additional drop of around 43% from current levels and return Bitcoin to prices last seen in January 2024.
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Stifel’s forecast is based on several macro and market-specific factors. The company cited the impact of tightening policy from the US Federal Reserve (Fed), continued uncertainty and stagnation around US crypto regulation, declining market liquidity and continued outflows from spot Bitcoin exchange-traded funds (ETFs).
The bank also framed its outlook within the context of historical Bitcoin market cycles. According to Stifel, Bitcoin’s peak around $126,000 in October 2025 fits a familiar pattern seen in previous cycles, which were typically followed by long and deep declines.
Additional warnings were echoed by market observer Walter Bloomberg marked weakening demand, a sharp slowdown in ETF inflows and increasing tension in derivatives markets.
The futures markets in particular appear to be entering what he describes as a “forced deleveraging” phase, in which leveraged positions are rapidly unwound, increasing selling pressure.
BTC faces an important technical test
ETF facts on Thursday further illustrates the pressure on market sentiment. Spot Bitcoin ETFs have recorded a net outflow of approximately 7,925 BTC on the day so far, equivalent to approximately $533 million.
Over the past seven days, net outflows amounted to roughly 19,090 BTC, or about $1.28 billion, reinforcing concerns that institutional demand is waning rather than providing support.
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From a technical perspective, analyst MartyParty marked the importance of the $68,000 level, which Bitcoin would need to regain to stabilize in the short term. This area corresponds to the 200-week exponential moving average, a level often considered crucial during major market corrections.
Failure to hold above that zone could open the door to a move toward the 200-week simple moving average, which is currently around $58,000, according to technical analysts.
At the time of writing, Bitcoin was trading around $67,100, down about 8% on the day and more than 20% in the past week, based on CoinGecko. facts.
Featured image of DALL-E, chart from TradingView.com