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Bitcoin has broken down to around $66,000, and a bearish retest of $69,000 has now been confirmed. According to technical analysis, these two conditions are prerequisites for a potential move toward $45,000, with the next price levels likely determining how the bearish scenario develops.
Crypto analyst Crypto Patel outlined a bearish roadmap as the market struggles to regain strength after losing key levels. The current price action is described as forming a more structured decline, with Bitcoin reacting to breaks of market structure and bearish zones.
Patel also identified a level that would invalidate the bearish thesis: $72,000. A reclaim of $72,000—about 7.5% above the current price—would undermine the bearish continuation setup and suggest buyers have regained enough control to challenge the prevailing downtrend structure.
With bearish continuation framed as the most likely scenario while Bitcoin remains below $69,000, the downside target is set at $45,000. That would imply a decline of about 64% from the October 2025 all-time high of $126,080.
The analysis notes that while such a drop would be severe in nominal terms, it is not without precedent. Prior bear markets have seen Bitcoin retrace roughly 50% to 80% from cycle peaks before establishing a more durable bottom.

In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…