Bitcoin Plunges 25% to $70,000 Level as Crypto Rout Gains Pace

Bitcoin has dropped below $80,000 per coin, wiping out nearly $1 trillion from its market value. The decline marks a 25% fall from its all-time high of almost $110,000 per coin in October 2022.

Analysts predict that the bitcoin price could drop further to around $70,000 as negative sentiment dominates global equity markets. However, some experts say it’s too early to conclude that the broader uptrend has ended and that the current decline could be a market correction.

According to technical analysis, a textbook ascending broadening wedge pattern is in play, projecting a target price of low $70,000s. The Crypto Fear & Greed index shows its lowest level since September at reading 21, indicating an edgy market sentiment.

The latest crypto sell-off has been linked to US President Donald Trump’s growing international trade war, which has caused the US stock market to fall from its all-time highs. Analysts suggest that investors may rotate capital from risky assets and seek stability, as bitcoin is a naturally volatile asset without guaranteed insulation from economic uncertainty.

Source: https://www.forbes.com/sites/digital-assets/2025/02/28/sudden-1-trillion-crypto-market-shock-sees-bitcoin-plunge-under-80000-price