The price of Bitcoin continued its steep decline on Friday, dropping as low as $81,180, its weakest level since April and extending its fall to 35% below its all-time high.
What initially appeared to be a controlled pullback, with industry analysts dismissing it as a short-term drama, has now escalated into a full-scale de-risking wave across the digital asset market.
At present, Bitcoin has slightly retraced, trading at $84,302, still moving within the $70,000 to $100,000 range. Experts note that this behavior mirrors typical bear-market patterns, where prices stagnate or drift sideways for prolonged periods. With Bitcoin now over 30% off its peak, concerns are mounting that retail investors could face margin calls, prompting them to liquidate other assets and further intensify downward pressure.
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The crash began on October 10, triggered by a massive sell-off that forced traders to unwind leveraged positions. This rapid decline, often referred to as a leverage flush-out, sent shockwaves across the crypto space, dragging down major digital assets. Market makers, responsible for providing liquidity and balancing buy-sell activity, were hit particularly hard. Reduced capital forced them to scale back operations and offload assets, further accelerating the market’s slide.
A combination of heavy leverage unwinding, a critical trading-system glitch, and broader macroeconomic stress has compounded fear-driven selloffs. Yet some analysts argue the downturn may present long-term buying opportunities, given Bitcoin’s strong underlying fundamentals, growing adoption, and constrained supply dynamics.
The global crypto market cap now stands at $3.06 trillion, underscoring the widespread nature of the sell-off. The Fear and Greed Index has remained at an extreme “11” for two consecutive weeks, and over 221,000 traders were liquidated in the past 24 hours alone, wiping out $794 million in positions.
Adding to market anxieties, blockchain data confirmed that Owen Gunden, ranked as the eighth-richest Bitcoin whale has completely exited the market. Over the past month, Gunden liquidated roughly 11,000 BTC valued at $1.3 billion. His final move came on November 20, when his wallet transferred 2,499 BTC (worth $228 million) to the Kraken exchange. His departure removes one of Bitcoin’s major long-term holders and introduces additional near-term supply pressure.
Despite the chaos, veteran trader Peter Brandt remains partially bullish. Brandt revealed he still holds 40% of his largest-ever Bitcoin position, purchased at a price he claims is one-twentieth of Michael Saylor’s average. He described the correction as “the best thing that could happen to Bitcoin,” arguing that flushing excess leverage sets the foundation for a healthier recovery.
Brandt predicts Bitcoin could reach $200,000 by Q3 2029, though the outlook has drawn mixed reactions. Some critics claim the projection is underwhelming relative to Bitcoin’s risk, while others argue it fails to beat inflation. A number of traders support his cycle-based analysis, forecasting a market bottom in October 2026 and a peak in September 2029.
On the opposite end, Bloomberg analyst Mike McGlone has issued a stark warning, stating that if Bitcoin repeats its 2018 structure, prices could plunge to $10,000. McGlone highlights rising token supply, weakening macroeconomic conditions, and late-cycle ETF inflows as possible triggers for deeper losses.
Still, many prominent figures remain upbeat. Bitcoin maximalist Michael Saylor urged investors to avoid panic-selling, noting his company recently added $800 million worth of BTC and would remain unfazed even by a 90% price drop. Charles Hoskinson also projected a bullish future, suggesting Bitcoin could reach $250,000 by the end of next year.
Several market indicators support the possibility of a rebound, with Bitcoin nearing oversold territory. Analysts believe even a slight improvement in macro sentiment such as an increased probability of a December rate cut, now priced at 31% could spark renewed bullish momentum.