Bitcoin is now down 23% from its all-time high after quickly crashing below $50,000.

The price of Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index/amp”>BTC) has fallen below $50,000 for the first time since March, with BTC shedding roughly 10% in the last 12 hours.

On Saturday, the $60,000 range was rejected, driving a crash in the Bitcoin price of nearly 20% in a single hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on Thursday, resulting in sustained bearish action over the past day.

On Thursday, Cointelegraph reported that significant profit-taking in the Bitcoin markets may suggest an cryptoprimacy.com/news/bitcoin-whale-watching-this-metric-that-called-the-2018-top-is-now-flashing-red” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-whale-watching-this-metric-that-called-the-2018-top-is-now-flashing-red/amp”>impending local top, with today’s slump appearing to confirm the hypothesis. Analysts from JPMorgan similarly warned of sustained bearish action should BTC fail to reclaim the $60,000 level.

The move below the psychological $50,000 mark has prompted mixed reactions on Twitter, with Messari researcher Mira Christanto noting the markets have only retraced from the all-time high by 23% — significantly less than the typical pull-backs experienced during the 2017 bull run that produced losses of 35% on average.

But notorious gold bug and crypto-skeptic Peter Schiff was also quick to comment on the market action, poking fun at Bitcoin proponent Anthony Pompliano.

Pompliano responded: “Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!” 

Twitter user Fintwit also replied to Schiff, noting that “gold is up 0% since 2011.”

Ether (cryptoprimacy.com/ethereum-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/ethereum-price-index/amp”>ETH) also tumbled today, shedding roughly 8% in the past 24 hours. However, Ether has outperformed BTC over recent days, rallying to tag a new all-time high above $2,600 on Thursday.

Highs on Thursday saw ETH/BTC trading at its strongest level since August 2018, with Ether trading for 0.047 BTC. Ether last changed hands for 0.045 BTC.

Ether has dropped 11% over the past seven days, while Bitcoin is down 21% over the same period.