Bitcoin Price Prediction: BTC Holds $68K As Bitwise Says 54% Drop Echoes

• Bitcoin falls 2.76% to $68,582 as spot outflows hit $199 million, extending the drawdown to 54% from October’s all-time high of $126,296.
• Bitwise CIO Matt Hougan identifies six factors driving the selloff including four-year cycle front-running, attention shift to AI and metals, and Warsh Fed nomination concerns.
• Recovery requires reclaiming $79,807, while a close below $66,948 opens downside toward the $54,074 demand zone.

Bitcoin price today trades near $68,582 after consolidating above the $67,000 support zone following last week’s crash to $60,000. The current drawdown of 54% from October’s all-time high has Bitwise CIO Matt Hougan drawing parallels to the 2018 and 2022 bear market bottoms, suggesting much of the bad news may already be priced in.

Bitwise Identifies Six Factors Behind The Crash

Hougan outlined six factors contributing to the current selloff …

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