Bitcoin entered its seventh day of decline as major cryptocurrencies extended steep weekly losses as the artificial-intelligence trade that drove global risk assets since 2024 waned.
At the time of writing, Bitcoin was down 0.47% in the last 24 hours to $62,462 and down 15% weekly. Bitcoin fell to a fresh low of $61,073, leading crypto market participants, including Dogecoin founder Billy Markus, to question where Bitcoin price could possibly bottom.
In the last 24 hours, $1.15 billion was liquidated across the crypto market, with longs expecting a price rebound accounting for over $850 million of this figure.
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The sell-off was led by equity and currency markets, with semiconductor stocks, Asian indexes and several regional currencies falling amid risk-off sentiment.
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Dogecoin wasn’t immune to the bearish sentiment, falling for four straight days to a low of $0.081 early Friday. At the time of writing, Dogecoin was down 3% in the last 24 hours to $0.084 and down 15% weekly.
Positive news in the week, including a partnership with Paxos to integrate Dogecoin across its crypto brokerage platform, failed to lift the DOGE price.
How low can Bitcoin go in this price cycle?
Bitcoin prices fell to their lowest levels since early April on Tuesday, prompting a key question from market participants on how low the cryptocurrency can go in this current cycle.
Dogecoin cofounder Billy Markus, who goes by the name Shibetoshi Nakamoto on X, poses the question, “what do you think is the lowest Bitcoin will get this cycle?” in a tweet, with crypto participants now trying to figure out the answer.
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Prediction market platform Kalshi traders are of the opinion that Bitcoin could fall further, given the current “crypto winter.”
The chances of Bitcoin falling below $60,000 in 2024 are put at nearly 80%. If this plays out, Bitcoin might hit a new 2024 low, below its February 2024 low of $60,062.
There is a 52% chance that Bitcoin price will dip under $50,000 this year, per Kalshi outcomes. Bitcoin hasn’t traded with a four in front of its price since August 2024.