As bitcoin breaks below $40,000, chart analysts don't see support for the price until much lower

Bitcoin fell sharply after a sell-off of major U.S. stock indices. Bitcoin has been correlated closely to the price movement of the Nasdaq index.
Luke MacGregor  | Bloomberg | Getty Images

Bitcoin fell to its lowest point since August on Friday as the broader markets continued their monthlong sell-off in risky assets, and analysts say it could fall even lower still.

More In Pro Insight

CNBC ProDisney, Deere, and Dell and are some of today's stocks: Pro Market Movers May 27
CNBC ProJPMorgan sees upside for bitcoin after recent washout
CNBC ProGoldman names its top tech giants to weather volatility — and gives one upside of nearly 140%