Mainstream cryptocurrency Bitcoin is being eviscerated this week. The token tanked to a historic low, coming eerily close to as little as $60,000 on Thursday evening. That’s well under 50 percent down from its all-time high a mere four months ago.
While the crypto has since bounced back to around the $68,000 mark, it comes at a grim cost: it’s now wiped out all of its gains since president Donald Trump won the presidential election in late 2025.
Analysts aren’t presumably hopeful about an imminent recovery, with some expecting the absolute worst.
“Our BTC price target is 0.0,” Pivotus Partners chief market strategist and partner Richard Farr tweeted. “That’s not just for shock factor. It’s where the math takes us.”
Farr said he concurred with Michael Burry, who famously shorted the US housing market before its collapse in 2008, and recently warned in a Substack post that further losses for Bitcoin could result in a “death spiral.”
Farr pointed to Bitcoin following similar trends to a larger US stock downturn, suggesting it’s no longer the safe haven it was once claimed to be, arguing that it operates as a “speculative instrument correlated to the Nasdaq” instead.
The crypto bear argued that “no serious central bank will ever own something where Michael Saylor controls the float,” referring to the CEO of Strategy, the largest corporate Bitcoin treasury.
Farr also criticized the token for being damaging to the environment, as mining it requires copious amounts of energy and water.
“Nothing ‘green’ about this ‘coin,’” Farr wrote mockingly. “We think it’s a zero.”
In a follow-up post on LinkedIn, Farr argued that worsening US jobs numbers could cause even more money to “come out of speculative assets, than in,” which led him to feel “increasingly emboldened” about his zero-dollar call.
He also pointed to crypto miners, who were already squeezed by winter storms driving up electricity prices, being forced to close up shop amid the crash.
“We think we are only in the early innings of the crypto correction,” Farr wrote.
In his Substack post, Burry noted that a recent crash in gold prices — following a historic surge — appeared to be linked to Bitcoin’s ongoing demise.
As people continue to gamble on gold futures, Burry argued that “physical metals may break from the trend on safe haven demand,” triggering a “death spiral”-like collapse.
Considering Bitcoin’s enormous swings over the last couple of months, it’s likely not the end of the ride for the infamously volatile digital token.
Farr clearly isn’t alone in predicting further losses.
“This steady selling in our view signals that traditional investors are losing interest, and overall pessimism about crypto is growing,” Deutsche Bank analyst Marion Laboure wrote in a note to clients, as quoted by CNBC.
“Bitcoin isn’t trading on hype anymore, the story has lost a bit of that plot, it is trading on pure liquidity and capital flows,” FG Nexus CEO of digital assets Maja Vujinovic added.
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