**Bitcoin Plummets Below $50K Amid Market Turmoil**

Bitcoin dipped under $50,000 during early Asian trading on Aug. 5, shedding nearly 31% over three days. This sharp decline wiped out over $500 billion from the crypto market in just 24 hours, with $1.08 billion in leveraged positions liquidated, primarily long positions.

Analysts are divided on Bitcoin's recovery prospects. Some, like Bob Loukas, see this as a rare event that might extend until mid-September, while others, like McKenna, predict a sideways market for 1-2 months. Michael van de Poppe suggests the correction could either mark the cycle's bottom or trigger a significant crisis.

CryptoQuant's Ki Young Ju warns that a drop below the $45,000-$55,000 zone could confirm a bear market, a sentiment echoed by analyst Scott Melker, who sees a 45% chance of Bitcoin falling below $45,000 before September.