Bitcoin’s selloff intensified on Tuesday, with the price plunging to $67,289 — its lowest level since April — and breaching several critical technical supports. The decline has reshaped market sentiment into a firmly bearish outlook, as multiple analysts now forecast further downside before any meaningful recovery.
On-chain and technical signals point to a breakdown of a 4-month ascending channel, the loss of the 100-day simple moving average, and a move below the 0.5 Fibonacci retracement level around $71,300. According to market analyst Ali Martinez, the simultaneous breach of these levels sharply increases the likelihood of accelerated downside, with $65,000 emerging as the next likely target.
Adding to the bearish pressure, Michael Saylor’s Strategy — the largest corporate Bitcoin holder — sold 32 BTC, marking its first sale since a 2022 tax-loss harvesting transaction. Meanwhile, a potential US-Iran peace deal appears distant, as Iran suspended negotiations over ceasefire violations, contributing to the risk‑off climate.
Crypto analyst Aralez views the current weakness as part of a major accumulation phase mirroring past bear market cycles. Historical drawdowns from cycle highs were 87% (2013), 84% (2017) and 77.5% (2021); Bitcoin is now down about 42% from its October 2025 peak of $126,000. His projections suggest a bottom near $40,000 between now and early next year, followed by a rally to a new all‑time high of $250,000 by 2029.
Another expert, Nonzee, argued that a bear‑trap pattern is repeating, mapping a potential continuation to $65,000, $61,000, $58,000, $55,000 and eventually $48,000 by September. While short‑term relief bounces to around $74,000 are possible, the overarching trend is seen as negative, with analysts warning against expecting a new push above $83,000.
At the time of writing, Bitcoin is trading near $70,500, down over 3% on the day, after having recovered slightly from the $67,289 low. The broader market remains on edge as traders assess whether the current decline is a temporary shakeout or the start of a deeper capitulation.
