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It's official. We're in a "crypto winter," according to an analysis by Wall Street firm Wolfe Research.

Deteriorating technical indicators across cryptocurrencies such as Bitcoin (CRYPTO: $BTC ), Ethereum (CRYPTO: $ETH ), and XRP (CRYPTO: $XRP ) suggest a prolonged downturn is taking hold, says Wolfe Research.

Cryptocurrencies large and small have now become part of a broader market de-risking trend that is likely to continue into next year.

In a new report titled "Winter is Coming," Wolfe Research analyst Rob Ginsberg writes that recent weakness in crypto was an early warning sign and that conditions are worsening.

The analyst highlights widespread negative trends across major digital assets, with many trading below key moving averages and several sitting near or below 52-week lows.

What is especially concerning, writes Ginsberg, is the absence of oversold conditions, arguing that selling pressure remains firmly in control with prices likely to continue sliding lower.

"Negative trends remain in place across the board," he writes, adding that momentum indicators offer little sign of relief from the current selloff.

Ginsberg expects Bitcoin's price to fall as low as the key support level of $75,000 U.S., describing that level as Wolfe Research's initial downside target.

Ethereum shows a similar pattern, with Ginsberg noting that its price is likely to drop as low as $2,600 U.S.

Beyond crypto, Wolfe Research says that stocks are beginning to follow Bitcoin lower, pointing to past instances where similar divergences preceded broader market downturns.

Bitcoin, the largest cryptocurrency by market capitalization, has fallen 30% in the last two months. For the year, BTC is down 6% and currently trading at $88,000 U.S.