Bitcoin fell below $92,000 on Monday as mounting macroeconomic concerns continued to weigh on investor sentiment. The world’s largest cryptocurrency has erased all its 2025 gains and now trades roughly 27% below its all-time high of more than $126,000, reached on October 6.
This downturn has sparked renewed debate about whether the current bull cycle is nearing its end. After hitting a record last month, Bitcoin has since tumbled sharply, wiping out $600 billion in market value since October, according to data compiled by Bloomberg.
Despite the severity of the decline, analysts note that there has been “no clear trigger” for the selloff. Instead, many point to rising macroeconomic uncertainty, particularly regarding the Federal Reserve’s interest-rate path and concerns over the overall health of the U.S. economy.
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Zach Pandl, head of research at Grayscale Investments, explained that the market has been repricing early-stage, innovative, frontier-technology assets over the past month and crypto has been significantly affected as part of that revaluation.
While the possibility of a December rate cut remains unclear, some analysts believe the Fed’s expected decision to halt quantitative tightening in December could improve financial conditions and potentially support Bitcoin’s price. Interestingly, the selloff occurred even as tech stocks—which often move in tandem with digital assets—looked poised for a rebound. Nasdaq 100 futures rose 0.6% on Monday, suggesting that equity investors view the recent pullback as a buying opportunity.
Bitcoin and other major cryptocurrencies, however, did not share the same momentum, signaling persistent caution ahead of several key economic reports delayed by the U.S. government shutdown.
Amid the broader downturn, the world’s largest corporate Bitcoin holder went against the tide. Strategy announced on Monday that it purchased 8,178 Bitcoin last week for $836 million, bringing its total holdings to just under 650,000 BTC. This marks Strategy’s largest weekly acquisition since late July.
Gerry O’Shea, head of global market insights at Hashdex, emphasized Bitcoin’s evolution into a macro-driven asset. According to him, uncertainty around Federal Reserve policy tends to negatively impact Bitcoin, while clearer expectations of a December rate cut could help lift prices.
Bitcoin is now down 25% from its October high and has officially formed a death cross on the daily chart, with the 50-day moving average falling below the 200-day. This bearish technical signal follows weeks of weakening momentum through October and November that dragged the price below $100,000. Historically, such a formation often marks a key moment in Bitcoin’s market cycles, indicating either the formation of a base or further downside ahead before stabilization can occur.
As Bitcoin struggles, one of its most vocal critics, Peter Schiff, has intensified his long-running attacks. He criticized CNBC for previously amplifying Bitcoin’s bullish narrative but now offering less commentary during the correction. Schiff argued that analysts remain “at a loss” to explain Bitcoin’s decline after many predicted much higher prices. He reiterated his long-standing position that Bitcoin is a “modern-day tulip,” a criticism he has repeated since the cryptocurrency traded below $1,000.
In contrast to bearish sentiment, an unexpected bullish prediction has come from Kim Young-hoon, a South Korean prodigy recognized as having the world’s highest verified IQ of 276. Kim forecasts that Bitcoin will surge to $220,000 within the next 45 days. Traders are now debating whether he sees a trend others have overlooked, especially as Bitcoin faces rising fear in the market, unstable ETF inflows, and shifting macroeconomic conditions.
For Bitcoin to reach $220,000, the price would need to more than double from current levels—a jump exceeding 126% in a short period. Many experts view this prediction as highly unlikely, though it has added an intriguing twist to the ongoing uncertainty around Bitcoin’s next move.