BTC Price Teases Breakdown — or Major Takeoff Next?

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BTC is down by over $20,000 since its early October ATH. The question is - what's next?

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.”

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