Bitcoin fell for a seventh straight day and at one point slid to around $61,000, putting the focus on the bottom of the current correction.

On June 5, blockchain outlet U.Today reported that bitcoin briefly fell to $61,073, its lowest level since early April.

As AI investment flows that had driven gains in global risk assets weakened, risk-off sentiment in stock and foreign exchange markets spread across the broader cryptocurrency market. Semiconductor stocks, Asian equities and some regional currencies weakened, and cryptocurrencies fell in tandem.

As market volatility increased, liquidations also surged. Across the broader cryptocurrency market, $1.15 billion was liquidated over the past 24 hours. More than $850 million of that was long positions that had bet on a rebound. With a large number of rebound-based bets collapsing, downward pressure increased further.

Dogecoin also failed to avoid the weakness. Dogecoin fell for a fourth straight day and briefly slid to $0.081 on June 5. News last week that it would integrate dogecoin into its cryptocurrency brokerage platform in partnership with Paxos did not lift the price.

In this situation, Dogecoin co-founder Billy Markus (빌리 마커스) asked on X, formerly Twitter, about the "bitcoin bottom" of the current price cycle. The remark came as market anxiety over bitcoin's low point grew, and investor attention appears to be shifting from a short-term rebound to the possibility of further declines.

Participants on prediction market platform Kalshi believe the current "crypto winter" could continue. On Kalshi, the probability that bitcoin falls below $60,000 within 2026 was priced at nearly 80 percent. If that happens, bitcoin would set a new "yearly low," below the low of $60,062 recorded in February 2024.

The possibility of falling below $50,000 is also being left open. On Kalshi, the probability that bitcoin drops below $50,000 this year was put at 52 percent. Bitcoin has not traded with a $40,000 handle since August 2024.

Some in the market say the $60,000 level could act as a short-term psychological support. If bitcoin gives up that level, the chance of moving into the $50,000 range reflected by prediction market participants could become more prominent. If buying emerges near $60,000, it could also be interpreted as signaling that the recent overheating tied to liquidations has been resolved.

Others say that, regardless of whether there is a short-term rebound, a recovery in investor sentiment could take time. The recent decline appears to have been driven less by negative news on individual coins than by a broader correction in risk assets, liquidations of leveraged positions and a broad slide in altcoins. As a result, even if bitcoin moves to confirm a bottom, the market may need to see both stabilization in the macro environment and fresh inflows of funds to return to an upward trend.

what do you think is the lowest Bitcoin will get this cycle?