Bitcoin sinks under $80,000, faces potential drop to pre-election levels as correction continues

Bitcoin hit a low of $79,500 on Binance on Thursday, marking a 26% decline from its January peak, as broader market risk aversion continues to pressure crypto assets.

The leading digital asset could retreat to $70,000 — a level not seen since Election Day — if it fails to reclaim $90,000, according to Wolfe Research.

A drop to the mid-$70,000 range is possible, Wolfe analyst Read Harvey warned, noting that a break below the key $91,000 support signals a bearish turn, and current price action is concerning.

“$91,000 acted as the floor over the past several months. With that level now decisively taken out, anything less than another V-shaped oversold response would send a very bearish message. So far not so good,” Harvey stated, as reported by CNBC.

If bearish sentiment intensifies, Harvey predicts prices could fully reverse to their pre-election levels.

President Trump’s decision to impose tariffs on major trading partners, including Mexico, Canada, and China, has ignited concerns about an economic slowdown, despite earlier optimism following the election, inauguration, and executive order on crypto.

When investors are feeling uncertain about the economy, they tend to de-risk, with consequences spanning stocks, commodities, and crypto assets, according to Harvey.

“Uncertainty is at the forefront of investors’ concerns and the willingness to take on risk is rapidly waning,” the analyst said.

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