The dramatic fall, which had been predicted by some analysts, casts fresh doubt on claims that BTC can hit $98,000 by the end of November.
Prior to the plunge, crypto trader and economist Michaël van de Poppe had warned Bitcoin's "weekly doesn't look too great and daily doesn't either."
Others, such as technical analyst Justin Bennett, believe the bull market will "probably" last six to twelve months longer than most people expect.
"Barring a massive fundamental catalyst, I don't see that happening."
Charts for Everything
Here's the problem with navigating the choppy waters of Crypto Twitter: there will always be one chart or another that can be used to suggest the current climate is extremely bullish, no matter how challenging things are.
Nonetheless, there does still seem to be a belief that Bitcoin's prospects remain healthy — even if prices fall a little further.
Vijay Ayyar, head of Asia-Pacific at the Luno crypto exchange, told CNBC:
"I think we're seeing a healthy pullback after a seven-week rally from $40,000 to $69,000, which is normal in an upward trend."
Despite all of this assurance that Bitcoin's best days are yet to come, bulls face a nervous wait to see whether new all-time highs will be forthcoming.