According to a financial analyst, Bitcoin could drop by nearly 50% in price if the downward trend that has been observed over the past few months continues.
Glassnode, a blockchain analytics company (BTCIt is possible that the current market downtrend might not be as serious as what some participants in the markets believe.
Bloomberg Analyst Mike McGlone said In an X-post on Thursday, Bitcoin could reach $100,000. “a Speed Bump Toward $56,000.”
“My look at the chart shows how normal it’s 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,” McGlone is added.
Bitcoin is at a bottom according to indicators
Several key metrics indicate that Bitcoin is still growing. drop to $98,000 On Nov. 4, the bottom could have been reached. Bitcoin’s price fell for the first in four months below the $100,000 psychologically significant level.
Bitcoin is now trading slightly higher at $101,380 as of the date of this article. according CoinMarketCap is a great place to start.
Analysts at XWIN Research Japan On Thursday, it was reported that the Bitcoin MVRV ratio (Market Value to Realized value) – an indicator of whether an asset is overvalued – has fallen to a level that historically marks local bottoms.
Glassnode released its latest market report Wednesday. said One key Bitcoin indicator indicates that the recent decline may be simply a correction in the cycle.
“It’s useful to assess the Relative Unrealized Loss, which measures the total unrealized losses in USD relative to market capitalization,” Glassnode said.
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 said.
“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.”
Vineet Budki told Cointelegraph a few days ago that BTC might see a 50% to 60% retracement. 70% in the next two years.
Related: JPMorgan says BTC looks cheap next to gold, points to $170K fair value
While many analysts debate Bitcoin’s future trajectory in the short term, other are revising long-term projections.
Cathie E. Wood, ARK Invest’s, reduced her Bitcoin long-term price forecast by $300,000 on Thursday. She said stablecoins have eroded Bitcoin’s status as a value store in emerging market.
Wood was previously predicted a top BTC price of $1.5 million In 2030,
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Source: cointelegraph.com
