Bitcoin is trading near its weakest level in 20 months, hovering around $58,600 after touching an intraday low of $58,120.
The sustained decline has pushed the asset to its lowest valuation in 21 months, dropping to approximately $58,000 as selling pressure persists.
Stomer suggests the floor could be as low as $52,000, implying further downside from current levels.
The sharp decline occurred even after US inflation data came in line with market expectations, suggesting that macroeconomic relief is not enough to halt the crypto sell-off.
Bitcoin has broken through its recent support levels, testing the $58,000 mark amid renewed selling pressure.
According to Infomoney, analyst Stomer argues that the current price action does not represent a cycle bottom.
Stomer suggests the floor could be as low as $52,000, implying further downside from current levels.