Bitcoin‘s price, that fickle darling of the financial world, may plunge by nearly half if its recent downward spiral persists, warns a traditional finance sage. 🧠💸
Yet, the onchain analytics firm Glassnode, ever the contrarian, suggests that Bitcoin’s current downturn may not be as dire as some speculate. 🌀
Bloomberg’s Mike McGlone, ever the optimist, tweeted that Bitcoin’s $100K peak might be a mere “speed bump” on the road to $56K. 🚗💨
“My analysis of the chart reveals how ordinary it is for the first-born crypto to revert to its 48-month moving average, now hovering around $56K, after similarly prolonged rallies as in 2025,” McGlone mused, presumably while sipping tea and smirking. ☕
Indicators suggest Bitcoin has bottomed out
However, several key metrics imply that Bitcoin’s nosedive to $98K on Nov. 4 might have marked the local low. It was the first time in four months that Bitcoin dipped below the psychologically significant $100K threshold. 🧮
Bitcoin has since staged a modest recovery, trading at $101,380 at the time of this writing, according to CoinMarketCap. A flicker of hope in a sea of despair. 🌊
XWIN Research Japan’s analysts, ever the gloom merchants, noted that Bitcoin’s Market Value to Realized Value (MVRV) ratio, a metric that gauges overvaluation, has dropped to levels historically associated with local bottoms. 🕯️
Glassnode, in its market report, claimed that one key Bitcoin metric indicates the recent downturn is merely a normal correction within the ongoing cycle. 🌀
“It’s useful to assess the Relative Unrealized Loss, which measures the total unrealized losses in USD relative to market capitalization,” Glassnode advised, as if explaining calculus to a toddler. 🧮
Bitcoin market resembles past mid-cycle corrections
“Unlike the 2022-2023 bear market, where losses reached extreme levels, the current reading of 3.1% suggests only moderate stress, comparable to mid-cycle corrections in Q3-Q4 2024 and Q2 2025, all of which remained below the 5% threshold,” Glassnode observed, perhaps while sipping a martini. 🍸
“As long as unrealized losses stay within this range, the market can be classified as a mild bear phase characterized by orderly revaluation rather than panic,” the firm declared, as if delivering a TED Talk on chaos. 🎤
It comes just days after Vineet Budki, CEO of venture firm Sigma Capital, told CryptoMoon that BTC may see a retracement of 65% to 70% in the next two years. A prediction so bleak, even a vampire would weep. 💀
While several analysts debate Bitcoin’s short-term trajectory, others are revising their long-term forecasts. A dance of uncertainty, if you will. 🕺
Cathie Wood of ARK Invest, ever the Cassandra, slashed her long-term Bitcoin price projection by $300,000, warning that stablecoins are eroding Bitcoin’s role as a store of value in emerging markets. 🛑
Wood previously forecast a top BTC price of $1.5 million by 2030. A vision so grand, it might as well be science fiction. 📚
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2025-11-07 04:41