Bitcoin (BTC) extended its acute selloff on Thursday, briefly falling below the $67,000 level and hitting its lowest price since November 2024.
The renewed pressure follows comments from market analyst Hugo Crypto, who pointed to a recent report from investment bank Stifel showing a particularly bearish outlook for Bitcoin.
Deeper Bitcoin withdrawals ahead?
According to Stifel analysisthe leading cryptocurrency could continue to fall towards $38,000. If achieved, this target would represent an additional decline of approximately 43% from current levels and would send Bitcoin back to prices last seen in January 2024.
Stifel’s forecast is based on several macro and market-specific factors. The company cited the impact of tighter U.S. Federal Reserve (Fed) policies, continued uncertainty and stagnation around U.S. cryptocurrency regulation, tightening market liquidity and continued outflows from spot Bitcoin ETFs.
The bank also formulated its outlook in the context of historical Bitcoin market cycles. According to Stifel, Bitcoin’s peak near $126,000 in October 2025 fits a familiar pattern seen in previous cycles, which have typically been followed by prolonged and deep declines.
Additional warnings were echoed by market observer Walter Bloomberg, who highlighted weakening demand, a acute slowdown in ETF inflows and growing tension in derivatives markets.
Futures markets in particular appear to be entering a phase of what he describes as “forced deleveraging”, during which leveraged positions are rapidly liquidated, increasing selling pressure.
BTC undergoes key technical test
ETF data on Thursday further illustrates the strain on market sentiment. Spot Bitcoin ETFs have seen net outflows of approximately 7,925 BTC on the day so far, equivalent to approximately $533 million.
Over the past seven days, net outflows have totaled approximately 19,090 BTC, or approximately $1.28 billion, reinforcing concerns that institutional demand is fading rather than providing support.
From a technical point of view, MartyParty analyst highlighted the importance of the $68,000 level that Bitcoin will need to recover to stabilize in the near future. This area coincides with the 200-week exponential moving average, a level often seen as critical during major market corrections.
According to technical analysts, a failure to stay above this zone could open the door to a move towards the 200-week plain moving average, which is currently around $58,000.
At the time of writing, Bitcoin is trading around $67,100, down about 8% on the day and over 20% over the past week, based on CoinGecko data.
Featured image from DALL-E, chart from TradingView.com
