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        "rendered": "Bitcoin at $100K is \u2018speed bump\u2019 to $56K, but data signals no signs of panic"
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        "rendered": "<div data-v-0ccfa88e>\n<p data-ct-non-breakable=\"undefined\">Bitcoin\u2019s price may decline by almost 50% if its current downward trend over the past month continues, says a traditional finance analyst.<\/p>\n<p>However, onchain analytics firm Glassnode suggested that Bitcoin\u2019s (<a href=\"http:\/\/cointelegraph.com\/bitcoin-price\">BTC<\/a>) current downtrend may not be as severe as some market participants believe.<\/p>\n<p>Bloomberg analyst Mike McGlone <a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/mikemcglone11\/status\/1986461312507945417\" rel=\"noopener nofollow\" target=\"_blank\">said<\/a> in an X post on Thursday that Bitcoin hitting $100,000 could be \u201ca Speed Bump Toward $56,000.\u201d<\/p>\n<p>\u201cMy look at the chart shows how normal it\u2019s been for the first-born crypto to revert to its 48-month moving average, now around $56,000, after similarly extended rallies as in 2025,\u201d McGlone added.<\/p>\n<h2>Indicators suggest Bitcoin has bottomed out<\/h2>\n<p>However, several key data metrics suggest that Bitcoin\u2019s <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/retail-investor-retreat-to-98-5k-5-things-bitcoin-this-week\">drop to $98,000<\/a> on Nov. 4 could have marked the local bottom. It was the first time in over four months that Bitcoin fell below the psychologically important $100,000 level.\u00a0<\/p>\n<figure><img decoding=\"async\" alt=\"Cryptocurrencies, Bitcoin Price\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-11\/019a5be4-ab97-7596-83b2-0c704a7f17f0\" title><figcaption><em>Bitcoin is down 7.66% over the past seven days. Source: <\/em><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\"><em>CoinMarketCap<\/em><\/a><\/figcaption><\/figure>\n<p>Bitcoin has since slightly recovered, trading at $101,380 at the time of publication, <a data-ct-non-breakable=\"null\" href=\"https:\/\/coinmarketcap.com\/\" rel=\"noopener nofollow\" target=\"_blank\">according<\/a> to CoinMarketCap.<\/p>\n<p><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-mvrv-ratio-hints-possible-bottom-forming-analysis\">Analysts at XWIN Research Japan<\/a> said on Thursday that Bitcoin\u2019s Market Value to Realized Value (MVRV) ratio, an indicator that measures whether the asset is overvalued, has dropped to levels that have historically marked local bottoms.<\/p>\n<p>In its market report on Wednesday, Glassnode<a data-ct-non-breakable=\"null\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-44-2025\/?utm_campaign=WoC_44_25&#038;utm_medium=email&#038;utm_source=newsletter\" rel=\"noopener nofollow\" target=\"_blank\"> said<\/a> that one key Bitcoin metric indicates the recent downturn may simply be a normal correction within the ongoing cycle.<\/p>\n<p>\u201cIt\u2019s useful to assess the Relative Unrealized Loss, which measures the total unrealized losses in USD relative to market capitalization,\u201d Glassnode said.<\/p>\n<h2>Bitcoin market resembles past mid-cycle corrections<\/h2>\n<p>\u201cUnlike the 2022\u20132023 bear market, where losses reached extreme levels, the current reading of 3.1% suggests only moderate stress, comparable to mid-cycle corrections in Q3\u2013Q4 2024 and Q2 2025, all of which remained below the 5% threshold,\u201d Glassnode said.<\/p>\n<blockquote data-ct-non-breakable=\"undefined\"><p>\u201cAs 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.\u201d<\/p><\/blockquote>\n<p>It comes just days after Vineet Budki, CEO of venture firm Sigma Capital, told Cointelegraph that BTC may see a retracement of 65% to <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-4-year-cycle-not-dead-70-drawdown\">70% in the next two years<\/a>.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/btc-undervalued-gold-implying-170k-jp-morgan\"><em><strong>JPMorgan says BTC looks cheap next to gold, points to $170K fair value<\/strong><\/em><\/a><\/p>\n<p>While several analysts have been debating Bitcoin\u2019s short-term trajectory, others are revising their long-term forecasts.<\/p>\n<p>On Thursday, ARK Invest\u2019s Cathie Wood cut her long-term Bitcoin price projection by $300,000, warning that stablecoins are eroding Bitcoin\u2019s role as a store of value in emerging markets.\u00a0<\/p>\n<p>Wood previously forecast a <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-odds-1-5-m-increase-institutionalization-cathie-wood\">top BTC price of $1.5 million<\/a> by 2030.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/elon-musk-grokipedia-far-right-or-necessary-wikipedia-competitor\/\"><em><strong>Grokipedia: \u2018Far right talking points\u2019 or much-needed antidote to Wikipedia?<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\" label=\"Subscription Form: Crypto Biz Newsletter\"><\/template><\/div>",
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