In a fresh bearish surge, the price of Bitcoin nearly broke through the $60,000 level overnight. BTC’s price has now been halved since its all-time high (ATH) last fall.
Bitcoin (BTC) Breaks Through New Symbolic Price Levels
Overnight from Thursday to Friday, Bitcoin (BTC) extended its losses from recent days, nearly reaching $60,000. Since then, the asset has rebounded to $64,800 but is still down 8.7% over the past 24 hours:
BTC price (hourly data)
At midnight Paris time, BTC closed out Thursday down 13.98%, a drop not seen since the collapse of the FTX cryptocurrency exchange, when the price of Bitcoin plummeted by more than 14% on November 9, 2022.
Bitcoin’s price is now down 48.5% from its all-time high (ATH) of $126,000 on October 6. On the Polymarket prediction market platform, traders now believe BTC is more likely to fall below $30,000 than to surpass its record high in 2026. Furthermore, the probability of falling below $55,000 has risen to 73%, while the probability of falling below $50,000 stands at 59%:
Polymarket prediction market on the price of Bitcoin in 2026
For the month of February, Polymarket users also estimate that there is a 31% chance the $55,000 threshold will be breached. Meanwhile, CoinMarketCap’s Fear and Greed Index has fallen to 5, which corresponds to a level of “Extreme Fear.”
Of course, the current bearish climate is precisely conducive to all sorts of speculation that BTC will continue to fall. While this is entirely possible, in these moments of panic, it can also be easy to lose sight of Bitcoin’s fundamental value. Despite the crisis, this does not detract from BTC’s role as a store of value, and while past performance is no guarantee of future results, let’s not forget that, even after such a correction, the asset still boasts a return of over 18,000% over 10 years.
