Bitcoin has entered one of its most emotionally charged price zones of the year. After Cameron Winklevoss declared that sub-$90,000 levels may never return, the market immediately did what it always does: it tested that conviction. Within hours, Bitcoin slid into the mid-$80,000 range, touching prices last seen more than six months ago. From macro surprise to leverage unwinds, this dip wasn’t random; it was structural.
This is the last time you’ll ever be able to buy bitcoin below $90k!
— Cameron Winklevoss (@cameron) November 18, 2025
So the question now is simple but critical: Is there more decline ahead, or is this the exhaustion point?
The Macro Drag: Strong Jobs Data, Weak Risk Sentiment
Bitcoin’s decline came immediately after stronger-than-expected U.S. jobs numbers reignited doubts about a December rate cut. A hotter labor market means:
- •The Fed may stay cautious
- •Liquidity remains tight
- •Risk assets (BTC included) cool off
As rate-cut probability dropped sharply, Bitcoin followed. This wasn’t a Bitcoin-specific event; it was a classic macro reaction. When liquidity expectations fall, the most speculative assets take the first hit.
171,617 Bitcoin $BTC were accumulated near $$77,000, which establishes it as a significant support zone. pic.twitter.com/3sXRUqsK9b
— Ali (@ali_charts) November 22, 2025
The Leverage Flush: $1.9B Liquidated in Hours
The biggest weight wasn’t macro; it was leverage. Within four hours:
- •Over $1.9B in crypto positions were liquidated
- •Nearly $1.78B of those were long positions
- •Bitcoin briefly dipped to $82,000 on some exchanges
- •Altcoins fell 8–15% across the board
Over $1.9 billion has been liquidated from the crypto markets in the past 24hrs, with the majority of that being $1.80 billion in long positions. pic.twitter.com/wDo7SItXRo
— Grey BTC (@greybtc) November 21, 2025
Bitcoin has been sliding since early-October’s cascading liquidations, and this event simply expanded that pressure. When traders stack too much leverage on bullish momentum, the market punishes excess. It always has.
Bitcoin always dips just enough to make you believe it’s finally over.
Just enough to make you panic-sell and “protect your capital.”
Just enough to push out the tourists and the pretenders.
And right when everyone gives up…
it sends a face-melting reversal.Face it.
— Brian Rose, Founder & Host of London Real (@LondonRealTV) November 21, 2025
Options Data Shows Fear, But Fear Can Mark Bottoms
In derivatives markets, traders rushed for protection:
- •Probability of Bitcoin ending the year below $90k rose to 50%
- •Calls (bullish bets) were dumped
- •Puts (bearish bets) soared
- •30-day implied volatility jumped from 41% → 49%
- •Put skew fell sharply, showing traders paying up for downside insurance
According to @Polymarket, there is a 69% chance that Bitcoin crashes below $90k by the end of the year.
BITCOIN = A HIGHLY SPECULATIVE ASSET WITH ZERO FUNDAMENTAL VALUE.
IN MY VIEW, THE PUNTERS ON POLYMARKET ARE HIGHLY OPTIMISTIC. pic.twitter.com/6sq3QzFJDB
— Steve Hanke (@steve_hanke) November 15, 2025
This is classic fear behavior.
$BTC Daily
Huge volume and bears failed to advance the ball.
If tomorrow has a decent rally, then the bottom is likely in for a while. https://t.co/ikhGZpxw1Opic.twitter.com/bbBd4HKVCM
— The Wolf Of All Streets (@scottmelker) November 21, 2025
But historically, extreme put-skew moments often signal late-stage selling pressure. When everyone hedges downside at the same time, it usually means most sellers have already sold.
On-Chain Sentiment: Oversold, But With Caution
Some analysts argue the setup is shifting from panic to opportunity. Key observations:
- •Oversold signals are flashing
- •Forced sellers have already been flushed out
- •Bitcoin is trading below its 50-day and 200-day moving averages (rare but temporary in bull cycles)
- •Trend followers have exited, often a precursor to sharp rebounds
A Market Without Whales: Retail Fatigue Pushes Bitcoin Into Deeper Declines
“Unless significant institutional demand returns or retail participation meaningfully recovers, Bitcoin is likely to remain under pressure.” – By @EgyHashXpic.twitter.com/6RRc3g8m3S
— CryptoQuant.com (@cryptoquant_com) November 21, 2025
In short, structurally, Bitcoin is weakened, but not broken.
I am old enough to remember when Bitcoin dropped from $65,000 to below $30,000 in 30 days in 2021 – still remembered as one of the most bullish years in crypto history. A 55% drawdown in the middle of the bull market.
It went back up to $69,000. pic.twitter.com/re2qXDzWTy
— The Wolf Of All Streets (@scottmelker) November 21, 2025
What About a Drop to $75,000?
Some analysts say Bitcoin might still slip to around $75k if tech stocks start dropping or the macro outlook gets shakier. If crypto and AI stocks panic at the same time, we could see one final sharp drop. But even the bears acknowledge: If BTC hits that area, it becomes a deep value zone, likely attracting aggressive buyers, institutional flows, and ETF inflows.
The market may stab lower, but historically rebounds quickly from these liquidity pockets.
Bitcoin: $110K → $83K. I called it in October while everyone expected ATHs
More downside is likely. Expect $70Ks or lower, before Q1-Q2 2026 recovery
For context: I’d predicted drop to $80Ks, while others were bullish. The data showed weakness (👉https://t.co/jlUdGBptDl)… https://t.co/hkcNAkRchV
— Ashish (@a_gangrade) November 21, 2025
Why This Might Actually Be the Turnaround Zone
Despite the carnage:
- •Spot ETFs continue pulling in long-term buyers
- •Corporate holders remain unfazed
- •Stablecoins remain well-anchored
- •Macro uncertainty is temporary, not systemic
- •Bitcoin’s long-term adoption story hasn’t changed
Response to MSCI Index Matter
Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.
This year alone, we’ve completed…
— Michael Saylor (@saylor) November 21, 2025
And importantly: Periods of $1B+ liquidations almost always precede sharp mean-reversion moves. Fear spikes. Volatility spikes. Sellers are exhausted. Buyers lurking on the sidelines finally get their entry.
At current $BTC levels, we have 71 years of dividend coverage assuming the price stays flat. And any $BTC appreciation beyond 1.41% a year fully offsets our annual dividend obligations. pic.twitter.com/ohN9dctpyv
— Strategy (@Strategy) November 20, 2025
So, Has Bitcoin Bottomed?
A top analyst never gives a price prediction. But we evaluate probabilities. Right now:
- •Short-term downside: Still possible, especially toward $80–$75k
- •Medium-term outlook: Neutral to bullish
- •Long-term trend: Unchanged and overwhelmingly positive
The question isn’t whether Bitcoin can fall another 5–10%. The real question is: Are we closer to the end of the decline or the beginning?
PRACTICING WHAT I TEACH:
I sold $2.25 million in Bitcoin for approximately $90,000.
I purchased the Bitcoin for $6,000
a coin years ago.With the cash from Bitcoin I am purchasing two surgery centers and investing in a Bill Board business.
I estimate my $2.25 million…
— Robert Kiyosaki (@theRealKiyosaki) November 21, 2025
Based on leverage reset, oversold signals, macro clarity approaching, and sentiment capitulation; we are far closer to the end.
Final Insight: Volatility Is Noise. Direction Is Signal.
Cameron Winklevoss may or may not be right about “the last time under $90k.” But here’s what matters:
- •Bitcoin is transitioning through a liquidity reset, not a structural breakdown. The dip feels severe because it arrived quickly and violently. But data shows the market is clearing out weak hands, not losing long-term conviction.
Stay humble and stack sats. $BTCpic.twitter.com/cWcJvolNHo
— Strategy (@Strategy) November 20, 2025
Whether Bitcoin chops or dips slightly lower, the broader trend remains intact: Bitcoin continues to act like an institutional asset in a macro-driven world. Pullbacks are part of the process. Momentum, adoption, and capital flows are still pointing upward. This is not the collapse phase. This is the reset phase.