Bitcoin Crashes Below $67,000 As Stifel Warns Of Potential Drop To $38,000

Bitcoin (BTC) extended its sharp sell‑off on Thursday, briefly falling below the $67,000 level and marking its lowest price since November 2024. 

The renewed pressure follows commentary from market analyst Hugo Crypto, who pointed to a recent report from investment bank Stifel outlining a notably bearish outlook for Bitcoin. 

Stifel’s forecast is built on several macro and market‑specific factors. The firm cited the impact of tighter US Federal Reserve (Fed) policy, ongoing uncertainty and stagnation around US crypto regulation, shrinking market liquidity, and sustained outflows from spot Bitcoin exchange‑traded funds (ETFs). 

The bank also framed its outlook within the context of historical Bitcoin market cycles. According to Stifel, Bitcoin’s peak near $126,000 in October 2025 fits a familiar pattern seen in prior cycles, which have typically been followed by extended and deep drawdowns. 

Futures markets, in particular, appear to be entering what he describes as a “forced deleveraging” phase, where leveraged positions are unwound rapidly, adding to selling pressure.

Over the past seven days, net outflows have totaled roughly 19,090 BTC, or around $1.28 billion, reinforcing concerns that institutional demand is fading rather than providing support.

Failure to hold above that zone could open the door to a move toward the 200‑week simple moving average, currently near $58,000, according to technical analysts.

Featured image from DALL-E, chart from TradingView.com