Bitcoin price today has taken the broader crypto market by storm with its latest losses, falling below the $99,000 mark in the last 24 hours.
This spooked traders, while creating massive selling pressure in crypto prices. However, during writing, BTC recorded some recovery and hovered near the $102,000 level.
This suggests that the latest dip has allowed some traders to buy the dip, which might have helped gains in the asset.
On the other hand, the waning institutional bets may also have weighed on the investor sentiment.
For context, the US Spot Bitcoin ETF has reported heavy outflow over the past few days, which might have also triggered the latest loss.
Having said that, a flurry of market watchers are evaluating the possibility of a further correction in Bitcoin price as well as the broader crypto market.
Despite that, the experts seem to be bullish on the long-term trajectory of the market.
Bitcoin Price Crashes Below $100K Today, Key Details to Watch
BTC price today was down nearly 2% and exchanged hands at $101,913, while its trading volume soared 47% to $114 billion.
This robust surge in volume reflects the massive selling pressure in the market, wiping out much of the recent gains in Bitcoin price.
It’s worth noting that BTC USD has touched a high and low of $104,735 and $98,962, respectively, in the last 24 hours.
The flagship crypto has lost nearly 10% over the past seven days, while falling nearly 18% since October 5.
The recent dip marks the first plunge for Bitcoin price below the $100,000 mark since June 22.
Notably, BTC has been on a downward trend, with a 20% decline from its all-time high of $126,186 reached in early October.
According to Santiment, whales and sharks holding 10-10K BTC have been selling off their coins, dumping 38,366 coins since October 12.
This trend is concerning, as it’s typically a sign of decreased confidence among major stakeholders.
On the other hand, smaller investors, or “shrimp,” holding less than 0.01 BTC have been accumulating coins, adding 415 coins to their stash.
Experts say that for Bitcoin price to rebound, this trend needs to flip, with whales and sharks accumulating coins while smaller investors sell off.
This shift would signal a market bottom and potentially create an ideal buying opportunity. However, a recent article hints that Bitcoin USD local bottom is unlikely, given the current market trends.
Crypto Market Dips, What Lies Ahead?
As Bitcoin price bleeds heavily, the crypto market has also been on a bumpy path over the past few weeks, erasing over $1 trillion from its market capitalization since October 6.
Amid the bloodbath, experts are weighing in on the reasons behind the recent dips and whether the market can recover.
According to The Kobeissi Letter, the answer lies in the technical rather than fundamental aspects of the market.
Despite record-high crypto adoption, deregulation, and rapid technological advancements, leverage is at unprecedented levels, amplifying market moves.
Meanwhile, the recent $20 billion liquidation on October 10 is a prime example of this phenomenon.
As uncertainty arises or technical momentum fades, downward swings are dominating, leading to an average of 300,000 traders being liquidated per day.
“The long-term thesis is stronger than ever, but the short-term picture points to larger swings in both directions,” The Kobeissi Letter noted.
The expert warns that leverage is a double-edged sword, as it exacerbates market volatility. So, can the crypto market recover?
While the short-term outlook is uncertain, the underlying fundamentals remain strong. Crypto adoption continues to soar, and technological advancements might also help in a recovery in the crypto prices.
What’s Next for Bitcoin Price?
Amid the market uncertainties and waning institutional bets, a renowned expert has warned of a further dip in BTC price.
Notably, this comes as the US Spot Bitcoin ETF marked its five-day outflow streak through November 4.
The highest outflow over the past five days was recorded on Tuesday, with a combined outflow of $566.4 million.
However, it seems that BlackRock’s selling has cooled off, as no fund flow has been recorded in IBIT on Tuesday.
Amid this, expert Captain Faibik has shared a gloomy Bitcoin price prediction. In a recent X post, the expert said that Bitcoin USD is “on the verge of a massive Rising Wedge downside breakout on the weekly chart.”
Having said that, he noted he is not bullish on BTC price for the upcoming six to eight months. Besides, he has predicted a further slump for the crypto to $77,000 or even $55,000.
However, despite that, the expert said that such a correction would allow many traders to enter the market.
Considering that, Faibik remains bullish on the long-term momentum of Bitcoin price, while casting doubts on the short-term movement of the coin.