Bitcoin slumped to nearly $84,000 on Thursday, losing almost 6% in 24 hours and threatening to crack the lower end of its two-month trading range. While the Nasdaq and gold staged afternoon recoveries — the Nasdaq closing down just 0.7% and gold reclaiming $5,400 per ounce — BTC held near session lows, highlighting persistent risk aversion among crypto traders.
Bitcoin at Critical Juncture: Analysts Split on Next Move
Matt Mena, crypto research strategist at 21Shares, called $84,000 a “critical” support level. If it breaks, the next floor is $80,000, where buyers stepped in November 2025, followed by $75,000 — the low struck during the April 2025 tariff tantrum. Still, Mena views current prices as a “compelling entry point” and sticks to his Q1 target of $100,000, with a potential push to $128,000 under favorable macro conditions.
John Glover, CIO of bitcoin lender Ledn, sees the selloff as part of a broader correction from the October record highs. He warned the move could drag BTC to $71,000, a 43% decline from the $126,000 peak. “Investors are favoring gold and the Swiss franc over the U.S. dollar and Treasuries right now,” Glover noted. “Bitcoin is still being treated as a risk asset, not digital gold.” He called the situation “temporary” and expects a rebound in coming quarters.
Russell Thompson, chief investment officer at Hilbert Group, offered a more bearish view. “The technical levels have all been taken out on the downside, and I don’t see much support here for bitcoin,” he said, predicting a fall to $70,000. “The clarity from the committee is bullish, but this is just a general risk-off move.”
Altcoins suffered alongside BTC. Ether (ETH), Solana (SOL), XRP and DOGE all lost roughly 7% over 24 hours. Crypto equities were also hit: Coinbase (COIN) dropped 5%-10%, Circle (CRCL) and Strategy (MSTR) followed suit. Analysts warned that if $84,000 fails to hold, BTC could quickly slide toward the $75,000-$70,000 zone, where previous liquidity zones lie.