Bitcoin (BTC 0.82%) has fallen below $60,000, dropping to its lowest levels since late 2024. The decline represents an over 50% drop from the cryptocurrency’s all-time high of $124,773, hit in 2025. The interesting thing is that this decline is huge, but still isn’t anywhere close to the worst decline in Bitcoin’s history.
What is Bitcoin?
Bitcoin is a digital currency. It has no intrinsic value because there is nothing backing it, such as gold or an operating business, as with stocks. Its value is entirely driven by people’s willingness to buy and hold it. From a technical standpoint, the absolute bottom for Bitcoin is zero if everyone in the world decides that it is no longer worth buying and holding.
Image source: Getty Images.
That’s unlikely to happen because there is a functional value to Bitcoin, because it isn’t attached to any government currency system. Companies are already using it as a reserve currency. One company in the headlines right now is SpaceX, which is gearing up to hold its initial public offering (IPO). According to the IPO prospectus, SpaceX holds 18,712 Bitcoins.
It wouldn’t be surprising to see more companies follow Elon Musk’s lead and build their own Bitcoin reserves. That would help create a floor for Bitcoin. However, the SpaceX IPO is likely to create more pain than gain right now. That’s because more aggressive investors tend to trade Bitcoin. These traders often shift to the hottest investment idea of the moment, as seen in the first-quarter results of broker Robinhood (HOOD +3.18%).
Today’s Change
(3.18%) $2.62
Current Price
$85.09
Key Data Points
Market Cap
$74B
Day’s Range
$82.83 – $85.62
52wk Range
$63.52 – $153.86
Volume
749K
Avg Vol
29.2M
Gross Margin
94.92%
Prediction markets, SpaceX, and Bitcoin
In the first quarter of 2026, Robinhood saw a huge 47% year-over-year decline in transaction-based revenues from cryptocurrencies. It still managed to increase its transaction-based revenues by 7% because a 320% increase in prediction market revenues offset the drop in cryptocurrency revenues. The takeaway: Prediction markets were hot, and more aggressive investors shifted into them.
It seems highly likely that the SpaceX IPO will be hot, too. It is currently oversubscribed, which means more people want to buy shares than there are shares available. At least some of the demand is likely coming from investors who are hoping to benefit from a stock advance in early SpaceX trading. In other words, there could be more downside for Bitcoin in the near term if aggressive traders choose to jump on the SpaceX IPO.
Bitcoin Price data by YCharts
Bitcoin’s worst drawdown was brutal
If you are wondering how bad it could get, the deepest Bitcoin drawdown was 83%. That said, Bitcoin has fallen by more than 60% on three separate occasions. When placed into that larger context, the current drop looks large, but not unusual.
To put some numbers on the potential downside, an 80% drop from the most recent high would place Bitcoin at around $25,000. A 60% drop would put it at around $50,000. That’s a pretty big range, and there is no way to know where the decline will actually end.
With the price now below $60,000, and the rise of prediction markets and the SpaceX IPO on the horizon, Bitcoin traders should probably prepare for more downside from here. The good news is that, so far, after every deep decline, Bitcoin has rallied to new highs. There’s no guarantee that will happen again. However, if history is any guide, there are clouds in the sky, but the sky isn’t falling for Bitcoin.