Bitcoin dropped to $80,000 and signs point to it potentially falling even lower. Credit: Cheng Xin/Getty Images
There may be yet another cold crypto winter in store for Bitcoin investors.
Bitcoin has essentially been in a nosedive for the entire month of November, with the cryptocurrency falling below $100,000 for the first time in months just last week.
On Friday, things got even worse for crypto holders as Bitcoin fell to just above $80,000, which would mark its lowest price since early April. It's also a far cry from its all-time high of more than $126,000 from just last month. Basically, all of Bitcoin's gains for the entirety of 2025 have just been wiped out.
Lackluster sentiment, concerns about the economy, concerns about the Federal Reserve cutting rates, long-term crypto investors and whales selling off significant portions of their holdings -- all of these issues have combined to result in the current crypto bear market.
But some analysts believe that this bear market is just beginning and the worst is yet to come. In fact, there's a potential for another crypto winter over the next few months.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, warned that Bitcoin could be eyeing another 2018-like crash scenario, which saw Bitcoin's value collapse by 70 percent. McGlone said he believes it could "eventually break down and head towards $50,000" in an interview this week on Bloomberg.
If the current negative sentiment continues, and if other assets such as the stock market continue to drop, McGlone said he could see Bitcoin going back down to 2018 levels of $10,000.
Earlier this week, financial analyst Clem Chambers shared a prediction that a crypto winter seemed likely if Bitcoin dipped into the mid-$80,000 range, which it now has. In his prognosis, Chambers says that a crypto winter could see Bitcoin fall somewhere between the $40,000 and $60,000 range.
According to investment bank Standard Chartered, Bitcoin falling below $90,000 would likely leave half of crypto treasury companies "underwater," which may result in even bigger selloffs. In turn, Bitcoin's value would then drop even more. Citi analyst Alex Saunders also told Reuters that the $80,000 level, which Bitcoin is currently trading at, would be a significant level to watch to see if the cryptocurrency can hold, as that's the "average level of bitcoin holdings in exchange-traded funds."
So, hunker down, Bitcoin faithful -- you're likely in for a long winter.
