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Friday Nov 7 2025 01:30
2 min
Bloomberg analyst Mike McGlone cautioned that hitting $100,000 could be just a “Speed Bump Toward $56,000.” He pointed to the 48-month moving average, currently around $56,000, as a potential reversion point.
Despite these bearish predictions, several key metrics suggest that the drop to $98,000 might represent a local bottom. Notably, this was the first time in over four months that Bitcoin fell below the $100,000 level.
The MVRV ratio, an indicator measuring whether an asset is overvalued, has dropped to historical levels that have signaled local bottoms, according to analysts at XWIN Research Japan.
Glassnode pointed out that the Relative Unrealized Loss, which measures total unrealized losses in USD relative to market capitalization, suggests the current correction may be a normal one within the ongoing cycle.
Glassnode explained that the current market resembles mid-cycle corrections in Q3–Q4 2024 and Q2 2025, where unrealized losses remained below 5%. They concluded that 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.
While many analysts are debating Bitcoin's short-term trajectory, others are revising their long-term forecasts. Cathie Wood of ARK Invest cut her long-term Bitcoin price projection by $300,000, warning that stablecoins are eroding Bitcoin's role as a store of value in emerging markets. Wood had previously forecast Bitcoin to reach $1.5 million by 2030.
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