Amid broad traditional market declines, crypto once again was the standout underperformer on Thursday.

Modest overnight declines in crypto turned into a major rout in the U.S. morning as the Nasdaq shed more than 2% and gold tumbled nearly 10% from an overnight record. But while both of those markets managed sizable afternoon bounces — the Nasdaq closing with a decline of just 0.7% and gold reclaiming the $5,400 per ounce level — bitcoin and the rest of crypto held not far from session lows. Bitcoin was trading just above $84,000 at press time. Losing almost 6% over the past 24 hours, bitcoin is on the brink of breaking below its two-month range, which could be a prelude to an even deeper pullback.

Other cryptos and related assets were showing similar declines. Ethereum ETH$2,821.02, solana SOL$117.76, XRP XRP$1.8101 and DOGE$0.1173, were all roughly 7% lower over the last 24-hour period, while crypto exchange Coinbase (COIN), stablecoin issuer Circle (CRCL) and bitcoin treasury firm Strategy (MSTR) suffered 5%-10% losses.

Matt Mena, crypto research strategist at 21Shares, said that holding above the $84,000 support level is “critical” for bitcoin. If that fails, he said, the next target is $80,000, where buyers stepped in in November, and below that comes the $75,000 lows hut during the April 2025 tariff tantrum.

Still, the current prices offer a “compelling entry point,” Mena said. He still expects bitcoin to hit $100,000 by the end of the first quarter, or even push to a new record of $128,000 if macroeconomic conditions allow it.

Other analysts warned of a deeper pullback on the horizon.

John Glover, CIO of bitcoin lender Ledn, argued that today’s selloff is part of bitcoin’s broader correction from the October record highs. The move could ultimately drag BTC to $71,000, a 43% decline from the early October level of $126,000.

With the U.S. being a key source of current market uncertainty, Glover argued, investors are favoring alternative havens like gold and the Swiss franc over traditional safe assets like the U.S. dollar and Treasuries. While many expected bitcoin to act as “digital gold,” it is still being treated as a risk asset and selling off with equities, he said.

Like Mena, Glover believes the current difficulties won’t last. “I do believe this is a somewhat temporary situation and we will see a rebound in BTC prices in the coming quarters,” he concluded.

“The technical levels have all been taken out on the downside, and I don’t see much support here for bitcoin,” Russell Thompson, chief investment officer at Hilbert Group, said. He also believes bitcoin could drop as low as $70,000. “The Clarity markup coming out of the committee is bullish, but there is really just a general risk move here.”