Bitcoin Price Today: The price of Bitcoin has fallen to $69,000 today. Stifel analysts believe that the decline may be deeper and Bitcoin may even slip to $38,000. The atmosphere regarding Bitcoin is becoming increasingly negative. Experts are trying to understand where the current sell-off will end. Meanwhile, America’s well-known financial services company Stifel has warned that there is still scope for further decline in Bitcoin.
Bitcoin can go to $38,000
Stifel analysts say that the price of Bitcoin may fall to $38,000. The company’s Barry B. The Bannister-led team said in a note to clients that Bitcoin has already lost about 41% from its upper level and if we look at the past trend, the next lower level could be around $38,000.
What do previous big declines indicate?
Analysts also mentioned the past crashes of Bitcoin. Bitcoin fell 93% in 2011, 84% in 2015, 83% in 2018 and about 76% in 2022. If we look at these figures together, the next stop of the current decline appears to be around $38,000.
Bitcoin slips below $70,000
After reaching above $1,26,000 in October, Bitcoin has now slipped rapidly. On Thursday it came down to $69,333, which is the lowest level since November 2024.
comparison with benjamin button
Stifel’s team used the example of the film The Curious Case of Benjamin Button to explain the changing behavior of Bitcoin. Earlier Bitcoin used to strengthen when the dollar weakened, but now this pattern has changed.
Bitcoin starts moving with dollar after 2025
From 2025, Bitcoin will start moving not in the opposite direction to the dollar, but in the same direction. Interestingly, the dollar index itself has remained weak during this period.
Growing relationship with stock market
Now the relationship of Bitcoin is more connected with Nasdaq 100 and growth stocks. Bitcoin rises when the Fed shows a soft stance and starts falling as soon as it gives a tough signal.
further pressure possible
Analysts say that rising borrowing costs on tech companies and pressure in the stock market could push Bitcoin prices further down.