Bitcoin Could Fall Below $60,000, Expert Warns

Bitcoin's recent decline may signal a prolonged downturn, with some experts predicting a slow descent reminiscent of the 2022 bear market.

Bitcoin price has been on a tear lately, and with good reason. The leading cryptocurrency has been battered and bruised throughout 2024, and some experts believe that it could sink even lower in the coming months.

Indeed, one hedge fund manager is now putting the chances of Bitcoin falling below $60,000 by the end of the year at “very high.” To be sure, this would put a serious amount of pain on crypto traders, who have already seen some brutal moves in 2024.

Speaking to Blockware Solutions, Lekker Capital founder Quinn Thompson explains that he expects this leg down to be slow and less volatile, which makes it more painful to bear.

“I don’t think it’s going to happen quickly. I think it’s going to be a case of, by year-end, will Bitcoin be trading in the $50,000-$59,999 range, or will it be below $60,000? I would say the chances of it being below $60,000 are very high.”

This would amount to a nearly 50% drop from Bitcoin’s recent high of $109,000, which it hit in March.

Those bullish on Bitcoin may also point to the U.S. Sovereign Wealth Fund and Strategic Bitcoin Reserve, which was recently announced by President Trump. However, Thompson says that this is still “just talk.”

“It’s still up in the air. They are still discussing it, and there is no indication yet of when or if it will be funded.”

The hedge fund manager also downplayed the role of MicroStrategy’s Bitcoin purchases, which he says are “one of the few consistent sources of demand in a weak market.”

“But even those purchases are relatively small in the grand scheme of things.”

So, what is fueling Thompson’s bearish outlook on Bitcoin?

The hedge fund manager says that he sees a number of headwinds on the horizon for crypto, including Trump’s economic policies, which he says will begin to pose problems in the next six to nine months.

“We are going to see a combination of government spending cuts, immigration restrictions, tariff uncertainty, and Federal Reserve policies that will put pressure on both Bitcoin and other risky assets.”

He adds that, while the Trump administration has been focused on fiscal tightening, this could change if economic conditions worsen ahead of the 2026 midterm elections.

“If the economy starts to slow down, then we could see a shift toward more fiscal stimulus, which would be bullish for Bitcoin in the short term, but bearish for the U.S. dollar and other fiat currencies.”

Ultimately, Thompson says that he believes Bitcoin is still in a bear market and that it could trade lower in the coming months. He adds that he is not surprised by Bitcoin’s resilience throughout 2024, given the extreme levels of liquidity that are still present in the financial system.