A research firm warns that historical crypto bear markets suggest Bitcoin could fall further, potentially sliding toward $31,000 if current conditions mirror past downturn cycles. Analysts compared previous crypto winters, noting that Bitcoin often retraced 70–80% from peak levels before stabilizing. Persistent macroeconomic uncertainty, weaker liquidity, and reduced risk appetite may extend downside pressure. However, long-term holders and institutional investors continue to view sharp corrections as accumulation opportunities, with market recovery typically following prolonged consolidation phases.