During this period, Bitcoin dropped from $115,000 to $98,000 on Nov. 4, registering a fall of about 15% as per CoinMarketCap. The current price of BTC stands at $103,780.
Bitcoin has been down 15.85% within the last 30 days. Source: CoinMarketCap
Santiment has explained it as a “major divergence has appeared between large and small investors.” Santiment has said:
“A divergence where whales are selling while retail is buying can be a cautionary signal.”
Still, some analysts have differing opinions concerning the next few weeks’ events surrounding Bitcoin.
“We think ETF investment flows pushed the price to about $125,000 in early October, prior to macro shocks in the second week, a large options expiry, and profit taking, which took it back into the high $100,000s,” the analysts explained.
Bitcoin has a prospect of reaching $130,000 as market conditions improve, according to analysts.
They said,
If spot Bitcoin ETF inflows are restored to the levels of above $1b per week, Bitcoin has a chance to approach $130,000, depending on macro conditions.
“While it's true Bitcoin has always had a positive year-over-year return, it's much less likely given the liquidation event and disruption of market structure in the short term.”
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