Bitcoin's Worst Losing Streak Since 2018 Raises Concerns Among Analysts

Bitcoin's recent slide has left investors wondering if the worst is yet to come. With a five-month losing streak on track to become the longest since 2018-2019 bear market, analysts are sparring over whether the slump marks early repricing or signals more pain to come.

The drawdown has led some to question if the correction is over, with one analyst pointing out that bitcoin's decline from its October highs of $150,000 may only be halfway through. Others believe that the current downturn stands out for another reason: bitcoin's uneven relationship with equities.

While U.S. stocks have remained relatively resilient, BTC has sharply underperformed, marking an unusual period of instability in its traditional risk-asset correlation. The 20-day BTC-Nasdaq correlation has swung wildly between -0.68 and +0.72, indicating a breakdown in the usual correlation pattern.