A synchronized sell-off across global markets erased roughly $3 trillion in value in under an hour.
Analysts warn Bitcoin’s downturn may not be over.
Tom Lee faces backlash over missed bullish forecasts.
Bitcoin (BTC) could face further losses after its recent dramatic decline, a prominent crypto analyst warned, as criticism intensified over bullish forecasts from Fundstrat’s Tom Lee that traders say have failed to materialize.
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On Thursday, global financial markets had $3 trillion in market value wiped out in less than an hour.
Gold saw roughly $1.5 trillion erased in market value, with prices sliding nearly 10% from recent highs. Silver fell about 12%.
Bitcoin briefly fell below $83,000 before rebounding. At the time of reporting, it was trading at around $92,421.
Such broad-based declines are typically associated with forced selling, margin calls and risk-off positioning.
According to Victor Olanrewaju, CCN analyst, although the worst of the forced selling may be behind Bitcoin, risks remain ahead.
“…The liquidation left visible gaps in positioning and open interest that remain unresolved,” he wrote.
Cowen Says Bitcoin Will Continue To Drop
Benjamin Cowen, founder of analytics platform Into The Cryptoverse, said in a recent YouTube video that Bitcoin’s weakness is consistent with historical market cycles and tightening global liquidity conditions.
“Today, we’re going to talk about Bitcoin and discuss why the price is dropping and why I think it will likely continue to drop,” Cowen said.
Cowen said he believes Bitcoin has already transitioned into a bear market following its peak in October 2025.
“I do think Bitcoin is, in fact, in a bear market,” he said.
He argued that Bitcoin has historically topped during the fourth quarter of the post-election year and that the current cycle has followed a similar timeline.
“The reason Bitcoin is dropping, arguably, is just because this is when it always drops,” Cowen said. “It always tops out in the fourth quarter of the post election year.”
Cowen added that the current downturn resembles Bitcoin’s 2019 decline, when prices weakened gradually amid investor apathy rather than speculative excess.
“When you top on apathy, you get a slower, gradual decline for a while,” he said.
He also warned that crypto assets can struggle even when equity markets rise if global liquidity remains constrained.
“My guess crypto continues to drop,” Cowen said, adding that “Bitcoin is likely going to keep bleeding against the stock market.”
Lee’s Bullish Forecasts Draw Criticism
Cowen’s comments come as Fundstrat co-founder Tom Lee faces growing criticism over a series of optimistic price projections for Bitcoin and Ethereum.
Lee recently told investors that Ethereum could experience a short-term pullback before rallying sharply.
“We think that ETH can be $7,000 to $9,000 by the end of January,” Lee said.
Lee has also said Bitcoin could reach $180,000 by the end of January and has projected longer-term targets of $250,000 for Bitcoin.
He has said Ethereum could trade between $12,000 and $22,000 based on historical ratio trends, and in more aggressive scenarios could reach $250,000 if Bitcoin were to hit $1 million.
As prices have continued to fall, traders on social media have called out the analyst’s string of wrong predictions, and the wider bullish forecast market.
Tom Lee called for $7K–$9K by Jan 2026… and $180K Bitcoin by the end of this month.
Now there are only 2 days left.
After this, I don’t want to hear another “expert prediction” from these paid voices.
One user on X wrote: “Tom Lee called for $7,000–$9,000 by Jan 2026… and $180,000 Bitcoin by the end of this month. Now there are only two days left. After this, I don’t want to hear another ‘expert prediction’ from these paid voices.”
Another user criticized what they described as shifting timelines, writing: “Tom Lee told you $7,000–$9,000 by end of December 2025 and after that new prediction for the end of January 2026. And $180,000 for Bitcoin by end of January.”
“Are you most of you still believing in unicorns?” they added.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
