Bitcoin’s sharp drop over the weekend has sent shockwaves through the market, triggering fresh liquidations. The price slid below $78,000, marking its lowest level since April, as profit-taking combined with thinning liquidity and a lack of fresh buyers. According to CoinDesk, traders noted that previous corporate demand, particularly from Strategy’s bitcoin purchases, has run out of steam, leaving the market vulnerable to forced selling. Analyst Eric Crown has warned that the downward trend may continue for months. Crown, a former options trader at NYSE Arca, has argued since late October that Bitcoin is in a sideways-to-downside phase, suggesting that the hope for new highs is misplaced. He indicated that Bitcoin may even drop to the mid-$50,000 to low-$60,000 range before stabilizing. The report highlighted that options traders are increasingly betting that prices will fall below $75,000, with a significant amount of active put options contracts at that level. Bearish signals from technical indicators, such as the monthly MACD crossover and the weekly EMA, reinforce this outlook. Furthermore, Bitcoin's divergence from traditional markets since October suggests a typical late-cycle risk-off behavior, with speculative assets being sold first. Crown views the current market as a potential value-accumulation phase rather than the end of the broader cycle. As traders brace for further declines, the implications for long-term positions become more significant. This ongoing volatility emphasizes the need for caution in the crypto market.