Bitcoin's Recent Price Movements
Leading cryptocurrency Bitcoin entered a downward trend after reaching a new all-time high (ATH) of over $126,000 at the beginning of October. While there was a major crash in BTC and altcoins on October 11, this downward trend continues in November.
Divergent Analyst Predictions
Bitcoin's ongoing correction has led to divided market predictions, with analysts predicting a drop to $56,000 while others see it as a healthy consolidation.
Mike McGlone's Bearish Outlook
At this point, Bloomberg analyst Mike McGlone, senior analyst at Bloomberg Intelligence, claimed that Bitcoin’s recovery to the $100,000 level could be a sign of a significant correction towards $56,000. McGlone said historical chart patterns show that Bitcoin typically returns to its 48-month moving average after a rally. According to the analyst, if this trend repeats, BTC could drop to $56,000.
Glassnode's Bullish Interpretation
While McGlone argued that Bitcoin could experience a deep correction, Glassnode argued that on-chain data points to a healthy correction rather than panic. Glassnode said it would be useful to look at the Relative Unrealized Loss metric, which currently measures total unrealized losses in US dollars relative to market capitalization.
“Unlike the 2022-2023 bear market, the Relative Unrealized Loss metric is at 3.1%. This reading also suggests only moderate stress.
This is similar to the medium-term corrections in Q3 and Q4 2024 and Q2 2025. As long as the rate remains below the 5% threshold, we believe there is no need to panic.
As long as unrealized losses remain within this range, the market can be interpreted as going through a healthy correction rather than panic.”