Bitcoin has fallen deeper into the dumps this week, briefly breaking below $73,000, and there could be even more crypto carnage ahead, according to several Wall Street shops. The digital asset is approaching its critical level of $70,000, or its price prior to a post-election surge that catapulted bitcoin to its record high just north of $126,000, according to Citi analysts. And if the token breaks below that threshold, it could be in for even more downside over the coming months, they said. “We believe Bitcoin prices are approaching key levels,” Citi analyst Alex Saunders said Tuesday in a note to clients. “We are now below our estimated average US spot-ETF entry price $81.6k and close to the c. $70k pre-US election price.” BTC.CM= 1M mountain Bitcoin has plunged over the past month. So how low will bitcoin go? The token could sink as low as roughly $38,000, based on previous market cycle data, if the digital asset’s downturn continues, according to a new analyst note from Stifel. Bitcoin bleeds Bitcoin has shed about 20% over the past month, sinking to a low of $72,096.20 on Wednesday. That puts the token more than 40% off its all-time high. The flagship crypto is declining amid a variety of factors, including expectations that the U.S. Federal Reserve will take a more hawkish stance following the nomination last month of Kevin Warsh to the monetary policymaker’s top spot, according to Deutsche Bank. Adding to bitcoin’s troubles, regulatory and legislative momentum for digital assets in the U.S. has begun to slow, while liquidity for the token has thinned considerably due to large institutional outflows. The Crypto Fear and Greed Index, a key measure of market sentiment, has plunged to around 15 points, suggesting investors are making decisions informed by “extreme fear,” according to Deutsche Bank. That fear has driven institutional outflows from spot bitcoin exchange-traded funds, which “has led to less money being traded… in turn [making] Bitcoin’s price fall even harder,” Deutsche Bank analyst Marion Laboure said Wednesday in a note to clients. She noted that bitcoin ETFs have recorded billions of dollars in outflows each month since October, hitting as much as about $7 billion last November. At the same time, U.S. consumer crypto adoption is now around 12%, down from 17% in July 2025, showing that retail interest is fading across the board, according to Deutsche Bank. “Steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” Laboure said.