Market Pressure Intensifies as Traders React Emotionally
Over the past several days, traders have been watching BTC slide toward the mid-$90,000 range, with nervous selling taking place across both spot and derivatives markets.
Analyst Michaël van de Poppe described the mood as “one of those weeks where the markets are fumbling a lot,” suggesting that many investors are offloading positions due to the historical belief that 2026 will not be a bullish year for Bitcoin. In his view, the declines are being driven more by expectations than by fundamentals, and he argues the cycle is far from finished.
One of those weeks where the markets are fumbling a lot.
Why does $BTC correct?
Probably a cocktail of reasons, but the primary being the fact that people want to sell their position based on the 4-year thesis that people aren't believing that 2026 will be a bull year.
This…
— Michaël van de Poppe (@CryptoMichNL) November 14, 2025
Retail Panic Indicators Spike to a Four-Month High
Fresh data from analytics firm Santiment adds another layer. During Bitcoin’s dip below $95,000 on Friday, the asset recorded its highest social dominance reading in four months.
The spike corresponds with a surge in Bitcoin-related discussion, often associated with panic, capitulation, and heavy retail Fear, Uncertainty, and Doubt. Historically, Santiment notes, similar spikes in BTC social dominance have aligned with price reversal points rather than extended downside.
📈 Though not a guaranteed crypto bottom signal, probabilities of a market reversal greatly increases when social dominance for Bitcoin surges. During Friday's dip below $95K, discussion rates hit a 4-month high, signaling severe retail panic & FUD.
🔗 https://t.co/uzhzZ7WgFs pic.twitter.com/qn8HFmy3jv
— Santiment (@santimentfeed) November 16, 2025
Bitwise CEO Says the Four-Year Cycle Is Now Broken
A separate conversation has now emerged concerning Bitcoin’s long-standing four-year cycle theory. Bitwise CEO Hunter Horsley publicly stated that the cycle is no longer reliable and no longer reflects how the market behaves.
According to him, the belief in a repeat downturn in 2026 has already created self-fulfilling selling pressure in 2025, distorting the traditional structure. Horsley argues that the presence of Bitcoin ETFs, institutional capital, and new liquidity mechanics has reshaped price behavior and removed the predictable halving-driven rhythm that once guided investor sentiment.
Early Selling Behavior Turns 2025 Bearish — and Leaves 2026 Undefined
Horsley breaks the pattern into three stages: investors selling early because they expect weakness in 2026, that selling turning 2025 into an unexpectedly bearish year, and the resulting shock making 2026 an undefined and unpredictable period.
In his words, the four-year cycle is now “a product of the old crypto era,” and Bitcoin’s current drawdown—already ongoing for roughly six months—may be approaching its final phase rather than its beginning.
Bitcoin Approaches a Crucial Stabilization Point
The divide between traditional cycle theorists and analysts calling for a structural market shift is widening. Both sides agree on one thing: sentiment has become the dominant force in the short term, while fundamentals remain overshadowed by fear.
A new test is now unfolding as Bitcoin attempts to stabilize in the $95K–$96K region. If Santiment’s historical indicators prove accurate, the surge in panic-driven discussion could mark the early stages of a rebound. But if sentiment continues to deteriorate, volatility may only intensify as traders reassess what the “new era” of Bitcoin truly means.