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BEARISH 📉 : Previous Market Bottoms Suggest Bitcoin Price Is Headed To $38,000
The Bitcoin price is under significant bearish pressure, recently falling below $65,000. This decline is part of a corrective phase that started after reaching an all-time high of $126,000 in October 2025.
Historical Patterns and Current Outlook
- Sherlock, a crypto analyst, highlights historical drawdowns: 93% in 2011, 86% in 2015, 84% in 2018, and 77% in 2022. Each drawdown has been progressively smaller.
- Based on this trend, the current cycle might see a 70% drawdown from the peak, potentially bottoming around $38,000.
Market Reactions and Alternative Views
- Some market participants suggest institutional involvement could reduce downside risk, projecting a smaller drop of 55%-60% instead of 70%.
- Sherlock argues that reflexivity can enhance both upward rallies and downward moves, dismissing higher bottom targets like $69,000 and $50,000.
Bitcoin is currently facing aggressive sell-offs and concerns that the correction may not be complete, trading at $64,850 after rebounding from an intraday low of $60,255.
If Bitcoin revisits the $38,000 mark, it would return to price levels last seen during the early stages of the bull market in October 2023.