The price of Bitcoin has declined dramatically in recent weeks, and cryptocurrency investors are more fearful than ever. In the past 24 hours, the crypto king dipped to the $60,000 range—a low it has not seen since October 2024.
While Bitcoin has now recovered slightly to around $66,000, many analysts and investors still think the token may not have bottomed out yet. Here’s what you need to know about Bitcoin’s continued fall, and how low things might go.
Why is Bitcoin falling?
Like most cryptocurrencies, Bitcoin (BTC) has been steadily falling almost since the year began. As Fast Company previously reported, there were two main drivers for this fall.
The first is increased geopolitical uncertainty.
Since the year began, America attacked Venezuela, threatened to take Greenland by force from one of its most important European allies, and is now in a standoff with Iran.
Military conflict almost always affects markets, but until it happens, no one can predict by how much or in what direction. That uncertainty generally leads investors to pull their money from relatively risky assets, like Bitcoin and other cryptocurrencies, and park it in safe havens, like gold or the U.S. dollar (USD).
The second recent driver was President Trump’s announcement, in late January, the he has selected Kevin Warsh as the next Federal Reserve chair. The news caused the U.S. dollar to spike, making it more valuable.
And since cryptocurrencies are priced in dollars, the same amount of dollars could buy more crypto, thereby impacting the value of the digital tokens.
In recent days, other factors have pushed Bitcoin down to levels not seen in well over a year.
Those factors include a bearish run in tech stocks. When tech stocks decline, crypto tends to follow suit. Additionally, there have been significant forced liquidations of Bitcoin in recent days. These selloffs happen automatically when Bitcoin hits a certain price level. These automated selloffs can prompt other investors to sell their shares, too, before the price drops any further.
In short, Bitcoin isn’t dropping for any one reason. There are numerous factors working against it right now.
Bitcoin isn’t the only cryptocurrency that is falling
Without a doubt, Bitcoin is having a bad day. Over the past 24 hours, the token fell as low as $60,074.80. That represented a more than 50% decline from its all-time high of $126,198.07 in October.
At its current price of around $66,378, Bitcoin has now lost more than 42% of its value in the past six months alone. But Bitcoin isn’t the only crypto that has suffered a major crash.
As Fast Company reported yesterday, XRP has been getting hammered as of late. In the past six months, the popular token has lost more than 54% of its value.
Other popular tokens, including Ethereum, BNB, and Solana, have also seen incredible drops during the same period.
Crypto greed and fear index hits all-time low
In the wake of this recent crypto crash, it should be no surprise that the majority of cryptocurrency investors are experiencing significant dread at this time.
Indeed, CoinMarketCap’s Crypto Fear and Greed Index has now reached an all-time low. The index measures investor sentiment in the crypto market.
An index value of 80-100 indicates that investors are experiencing “extreme greed,” which often manifests as surging crypto prices. Meanwhile, 60-80 represents “greed,” 40-60 “neutral,” and 20-40 “fear.
Today, the index has fallen to 5 on the scale, which puts it in the 0-20 range, which means investors are experiencing “extreme fear.”
A rating of 5 is an all-time low for the index, and is 50% lower than its previous all-time low of 10 during a crypto selloff in November 2025.
Where is the bottom for Bitcoin?
While no one can predict what Bitcoin or any asset will do in the future, what everyone wants to know now is whether Bitcoin has hit its floor or if things are going to get worse.
Crypto-watchers with more positive inclinations might point out that while Bitcoin fell to the $60,000 range in the past 24 hours, it did not fall through that barrier. And the coin has now recovered about 10% of its 24-hour low.
Bitcoin is currently trading at $66,378 at the time of this writing.
However, there are plenty of analysts who think Bitcoin may not have hit the bottom yet.
On February 1, Galaxy Asset Management sent a memo to investors warning that the token could trade in the $56,000 to $58,000 in the near term. Meanwhile, 10x Research’s CEO, Markus Thielen, today told CNBC International that Bitcoin could drop to as low as $50,000.
If that’s the case, today’s fall is far from the bottom for Bitcoin.