History suggests more pain may stil be coming for bitcoin.

In a note to clients this month, strategists at Ned Davis Research said they saw potential downside ahead for the world’s top crypto, even after major selling that’s hammered the crypto in recent months. Should its bear market become a full-blown bitcoin winter, the coin could drop to as low as $31,000, according to Pat Tschosik, NDR’s chief thematic strategist, and analyst Philippe Mouls.

Bitcoin, which has tumbled 44% from its October peak, traded around $69,180 on Friday. Should the coin fall to the $31,000 mark, that implies the crypto falling another 55% from its current levels.

Tschosik and Mouls said their analysis of past bitcoin drops had led…