Will Bitcoin Never Set Another All-Time High? Analysts Debate On X - BeInCrypto
Bitcoin fell below $68,000 on November 13, more than 45% below its record high of $126,080, sparking debate among analysts.
Bitcoin's slide from its $126,080 peak has fueled intense debate among traders and analysts. Some view the current downturn as a healthy pullback within a bull market, while others fear a more permanent shift in the cryptocurrency's trajectory.
Mark my words. You will never see another Bitcoin all-time high in your lifetime.
According to this analyst, the investment environment has fundamentally changed with higher interest rates discouraging leveraged speculation. Additionally, AI companies and new listings like SpaceX now compete for capital that might have previously flowed into cryptocurrencies.
Bottom Formation Signals
Not all analysts share this pessimistic view. Michaël van de Poppe acknowledged the severity of the correction but suggested that a bottom could form within a day or two, potentially mirroring price action prior to the SpaceX IPO.
Merlijn The Trader sees a possible repeat of the 2023 structure, planning to bid near $68,000 with a weekly close below $60,000 as his invalidation level. He believes Bitcoin is following a pattern similar to its 2023 performance step by step.
Ted Pillows noted that open interest remains elevated, suggesting the market still needs a leverage flush before a lasting reversal can occur. On-chain data from CryptoQuant's analyst MAC_D shows the latest drawdown exceeds the average bull-market correction, while short-term holder SOPR has reached levels that marked major bottoms in past cycles.
Key Technical Levels
For now, the 200-week moving average near $67,975 acts as immediate support. A break below could open the $66,000 to $67,000 zone, followed by $62,300. On the upside, reclaiming $75,000 would signal renewed strength for the cryptocurrency.
The Crypto Monk responded to Z's prediction with skepticism: 'Type of tweets you see at the bottom. I've also never seen a good take starting with 'mark my words'. See you at the next ATH.' This sentiment reflects the divided opinions within the trading community about Bitcoin's future direction.
Bitcoin's price action will likely be determined by whether it can hold above key support levels or if further downside pressure materializes. The coming days could provide clarity on whether the cryptocurrency is forming a bottom or continuing its downward trend.
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