Bitcoin has dropped 50% from its October record high, marking its worst correction since 2022. On Wednesday, bitcoin slipped below $67,000 after a brief rebound above $72,000 from $60,000 over the weekend.
Over the past 24 hours, BTC fell 2.8%. At the same time, Ethereum declined about 3% and traded near $1,950. Market participants linked the recent weakness to volatility in metals markets. In late January, gold’s market capitalization swung by trillions of dollars in one day.
Those moves triggered margin calls and pressured risk assets, including crypto. After bitcoin lagged behind gold in 2025, some analysts suggested gold may have topped for the year. They also noted that bitcoin could outperform through 2026. Regarding ether, repeated 50% drawdowns since 2018 have often preceded sharp rebounds.
Market technician Tom DeMark indicated that ETH might need to dip briefly below $1,800 to form a “perfected bottom” before a sustained recovery. Still, forecasts have missed targets in recent months. In August 2025, a $200,000 year-end bitcoin call fell short after BTC peaked at $126,000 in October and closed the year at $88,500.
A later projection for a new all-time high in January 2026 also missed as bitcoin dropped to $78,500 by Jan. 31.