Bitcoin has dived almost 10% over the last week, plunging as fears swirl of a looming financial crisis that could rival 2008.
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The bitcoin price has dropped toward $60,000 per bitcoin, falling sharply over the last 24 hours as a sell-off suddenly accelerates even as traders brace for a “massive trigger.”
Now, as the Goldman Sachs chief executive reveals a surprise bitcoin flip, traders are warning that if bitcoin breaks below $60,000, the market “can kiss any recovery goodbye.”
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Traders are braced for a bitcoin price crash under $60,000.
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“Bitcoin slid below $63,000 in early trade this morning, extending its monthly decline to nearly 30% and highlighting deeper structural fragility,” David Morrison, senior market analyst at Trade Nation, said in emailed comments and pointing to a collapse in institutional demand for bitcoin and crypto exchange-traded funds (ETFs).
This week, data from Kraken’s CF Benchmarks and reported by Bloomberg revealed that aggregate bitcoin ETF allocations among the largest hedge fund holders fell 28% from the third to the fourth quarter of 2025.
“Technical charts show a developing head-and-shoulders pattern, with the $60,000 level emerging as a critical support zone,” Morrison wrote.
“The selloff has coincided with the longest miner capitulation phase of the year, according to Glassnode data, as falling revenues force sustained reserve selling. Institutional demand has also deteriorated, with ETF flows weakening further, compounding downside pressure and increasing the risk of a decisive break lower.”
Bitcoin at $60,000 “is the most critical support level of this cycle,” closely-watched bitcoin and crypto trader Vinny Lingham posted to X.
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The bitcoin price crash has wiped trillions of dollars from the crypto market, with bitcoin price predictions warning another bitcoin crash could be on the way.
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“A sharp V-shaped bounce here and it forms a double bottom (strong support). If we lose $60,000 violent cascading liquidations ensue and you can kiss any recovery goodbye, at least until the next halving approaches.”
Bitcoin’s so-called halving cycle sees the number of bitcoin issued to miners who maintain the network in exchange for bitcoin cut by half every four years or so.
Since bitcoin’s creation in 2009, the bitcoin price has followed a boom and bust pattern that corresponds to this halving cycle.
The bitcoin price has crashed by 50% from a peak of $126,000 per bitcoin in October last year, dragging down the wider crypto market as the bubble “implodes,” and coming 18 months after the last bitcoin halving.
“You’ll probably see a bunch of treasury companies for both bitcoin and ethereum blow up, along with [Strategy] dropping below $100 if we lose $60,000,” Lingham wrote, adding he would expect to see a 2022 type blow up if we do lose $60,000—referring to the implosion of the FTX exchange that sent shockwaves through the bitcoin and crypto market.