What’s Next for Bitcoin’s Price: Sub-$100K Dump or Launchpad in Disguise?

The promise of a bullish October materialized only in the first week, when bitcoin skyrocketed to a new all-time high of over $126,000. What followed was an extremely painful month, in which it slumped by twenty grand before it staged some sort of recovery.

In contrast, the expectations for November, based on historical performance, have been quite bearish, and so far, they have come to fruition. BTC dumped to a multi-month low earlier today of just over $103,500, which meant a nearly $23,000 decline since the ATH marked less than a month ago.

Now, analysts debate on X whether this is the beginning of the end or just another buy-the-dip opportunity.

The Bull Corner

Merlijn The Trader believes in the bounce-off narrative, indicating that BTC is simply repeating the 2017 crash setup. He noted that the five phases of market activity are identical, including the blow-off top and the emotional curve.

He warned that max pain might arrive in the short-term, but concluded that this is expected and it’s not capitulation. In fact, he categorized the current market-wide correction as “the launchpad in disguise.”

In a different tweet, Merlijn warned that more volatility is coming due to the formation of the tightest squeeze in BTC’s history:

“Every major Bitcoin rally began here:
– Tight bands
– Fakeout
– Explosive upside

Bitcoin is at the tightest volatility point in history.
This isn’t noise, this is the calm before chaos.”

The Crypto Dog said the ongoing correction pales in comparison to price crashes during the previous cycles. They noted that this cycle is “just boring,” and added that they are not stressed.

Sub-$100K Corner

On the opposite side stands Doctor Profit, who has been calling for a sub-$100,000 price slump for weeks. Now, the self-described “elite trader” added that such a price slide is “a matter of time,” and advised people to get used to the idea quicker.

CryptoJelleNL also warned that the current BTC landscape looks “grim,” but it will only worsen if the cryptocurrency falls into a five-digit price territory. Jelle warned that if bitcoin fails to defend this area, it could enter “a couple of months of hibernation once again.”