Bitcoin · Standard Chartered · Cointelegraph
Some Bitcoin analysts point to a deeper downside risk, while others believes they can see the early signs
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Bitcoin is trading in a market that’s getting harder to define.
Key facts
- Thomson expects Bitcoin to first revisit the $56,000-$52,000 range, representing summer 2024 lows, before potentially extending losses further to between $40,000 and $45,000, an area he associates
- In Galaxy's base-case scenario, the firm pointed to a potential slide to between $40,000 and $46,000, depending on how liquidity and macro conditions evolve
- The 2025 rally was driven by exchange-traded fund (ETF) inflows, post-halving momentum and renewed institutional demand, pushing the market to a new all-time high of more than $126,000 in October 2025
- Hovering around $64,000 at the time of writing, Bitcoin is down by almost 50% from its cycle peak
Summary
Some Bitcoin analysts point to a deeper downside risk, while others believes they can see the early signs of a recovery. Hovering around $64,000 at the time of writing, Bitcoin is down by almost 50% from its cycle peak. The 2025 rally was driven by exchange-traded fund (ETF) inflows, post-halving momentum and renewed institutional demand, pushing the market to a new all-time high of more than $126,000 in October 2025. Since then, the trend has been inexorably downward, but analysts are split on what that decline signifies. According to Standard Chartered and other bullish institutional desks, Bitcoin may have already reached its cycle bottom last month, with structural demand from ETFs and treasury companies, and improving long-term capital flows reducing the likelihood of a deeper draw down.