Bitcoin dropped below $68,000 on November 13, currently trading more than 45% below its record peak of $126,080. Market participants are divided on whether the asset will reach new highs or if the current decline represents a structural shift.
One analyst on X argued that Bitcoin may not see another all-time high, citing high interest rates and competition for capital from AI firms and companies like SpaceX. The analyst also referenced a $6.3 billion incident involving Binance as a factor in the changing investment landscape.
Conversely, trader Michaël van de Poppe suggested a market bottom could form within one or two days, drawing comparisons to price action seen before the SpaceX IPO. Merlijn The Trader plans to place bids near $68,000, setting a weekly close below $60,000 as an invalidation point.
Technical indicators provide mixed signals. Analyst Ted Pillows noted that open interest remains high, suggesting a need for a leverage flush. Meanwhile, CryptoQuant analyst MAC_D pointed out that the recent 19% drawdown exceeds the 14.39% average correction seen in past bull markets.
Current support levels are identified around the 200-week moving average of $67,975. A breach could lead to a decline toward the $66,000 to $67,000 range or $62,300. Reclaiming $75,000 would indicate a return of bullish momentum.
