Bitcoin's 60,000 mark is hanging by a thread! Analysts point out that "the bear market has arrived", with zero target prices issuing a pessimistic warning, shaking the market.

The world's largest cryptocurrency Bitcoin experienced a "Black Thursday" as the US stock market accelerated its decline to near $63,000 in the late trading session on Thursday, with an intraday drop of 12%, hitting a new low since October 2023. In early Asian trading on Friday, Bitcoin fell by 4.8% to touch a low of $60,033. As of the time of writing, Bitcoin has rebounded to $65,605. Since reaching its peak in October of last year, Bitcoin has seen a cumulative decline of over 48%, with its total market value shrinking from $2.48 trillion to $1.27 trillion. A series of brutal forced liquidations in October last year weakened market confidence and has kept the cryptocurrency market in a slump. This week, with the unwinding of leveraged bets and increased overall market turmoil, selling pressure on cryptocurrencies has further accelerated. According to data from CoinGlass, around $2.3 billion of leveraged long positions in all cryptocurrencies were forcibly liquidated in the past 24 hours. BTC Markets analyst Rachael Lucas stated, "Almost no one is willing to enter the market ahead of this trend, especially considering that this round of selling is largely driven by forced liquidations. Failing to hold multiple support levels has changed market behavior." It is worth noting that Bitcoin has now dropped below the important psychological level of $70,000. This price level was the trading price of Bitcoin before the 2024 US presidential election and also marked the start of the cryptocurrency's rise after Trump's victory. However, with Bitcoin briefly dropping below $70,000 in early trading on Thursday, market panic quickly spread. Some market observers believe that breaching the $70,000 mark may trigger a larger-scale sell-off of Bitcoin in the short term. Rachael Lucas pointed out that traders are currently focusing on whether Bitcoin can hold the $60,000 level. She added that if this level is not held, "the downside could extend to around $55,000." Market players are pessimistic about Bitcoin's prospects The sharp decline in Bitcoin has drawn warnings from some market participants. Carmelo Alemn, a trader and analyst at the crypto analytical company CryptoQuant, pessimistically stated that Bitcoin has entered a bear market. He warned that Bitcoin's spot and futures trading patterns now clearly indicate a bearish outlook, and the market is in a phase of "surrender," which will result in losses for most market participants. Paul Howard, a director at market maker Wincent, admitted that he believes Bitcoin will not reach new historical highs by 2026. Michael Burry, who rose to fame for shorting the US real estate market before the 2008 financial crisis, has issued a warning that Bitcoin's sharp decline could further evolve into a self-reinforcing "death spiral," causing lasting damage to companies that have heavily invested in the cryptocurrency over the past year. Burry wrote in a blog post on Monday, "An unsettling scenario is...