The mood across crypto markets has turned increasingly cautious after Bitcoin’s latest pullback reignited bearish sentiment.
As Bitcoin struggles to regain momentum after its recent correction, market analysts are offering sharply contrasting outlooks on what comes next. While some view the pullback as a healthy pause within a longer-term uptrend, others warn that a technical breakdown could be forming beneath the surface.
According to data from prediction platform Polymarket, traders have increased the probability of Bitcoin falling below $100,000 by year-end to 62%, a 15% jump in just 24 hours. The bearish sentiment coincides with a recent dip that briefly pushed Bitcoin to $105,540, wiping out around $182 billion from the global crypto market before falling to $104,000.
Analysts Split Over Market Direction
Market commentator Michaël van de Poppe offered a more optimistic interpretation of the recent decline. In a post on X, he described the downturn as a “normal correction” within a continuing bull market, suggesting that both Bitcoin and altcoins remain positioned for another upward leg. “The total market capitalization is just having a normal correction,” he wrote. “The trend is still up.”
Even though you could argue that the markets are painful, it’s not bad.
The total market capitalization is just having a normal correction. #Altcoins and #Bitcoin are about to go into their next leg upwards.
The trend is still up. pic.twitter.com/V6WJ40PQbh
— Michaël van de Poppe (@CryptoMichNL) November 3, 2025
Van de Poppe’s analysis, based on total crypto market charts, indicates that broader market structure remains bullish, with price action forming higher lows despite short-term volatility. He expects the correction to pave the way for renewed growth once consolidation ends.
Technical Warning: Death Cross Approaching
Not everyone shares that optimism. Analyst Crypto Rover cautioned that Bitcoin could be nearing a “death cross” – a technical pattern that occurs when the 50-day moving average crosses below the 200-day moving average, often signaling potential trend weakness.
Chances are Bitcoin will form a death cross in the near future.
Historically, death crosses often appear near market bottoms.
But this time could be different, it’s a risky setup since we’re approaching the end of the cycle. pic.twitter.com/5L76JMk9rD
— Crypto Rover (@cryptorover) November 3, 2025
Rover pointed out that while such patterns sometimes appear near market bottoms, this setup might behave differently. “It’s a risky configuration since we’re approaching the end of the cycle,” he said, implying that further downside risk cannot be ruled out.
Charts shared by Rover show the moving averages tightening, a sign that volatility could soon surge as Bitcoin decides its next major direction. Historically, similar formations in 2018 and mid-2021 preceded large, decisive market swings.
Macro Factors Add Pressure
The broader caution in crypto markets has also been linked to Federal Reserve Chair Jerome Powell’s latest comments, in which he reiterated that a rate cut is “not a certainty.” His stance reduced expectations for a December policy easing – with implied probabilities for a cut dropping from 96% to below 70%, according to analyst Simon Peters.
As interest rate optimism fades, traders are recalibrating risk exposure across all asset classes, including digital assets. Combined with Bitcoin’s technical uncertainty, this has left markets balancing between the potential for a rebound and the risk of a deeper retracement.
Awaiting the Next Catalyst
With volatility compressing and sentiment turning cautious, analysts believe the coming weeks will be crucial. If Bitcoin can hold above key support levels, momentum traders may return quickly – but if the death cross confirms, it could trigger another round of selling before the next major rally begins.
In essence, the market appears split between short-term fear and long-term conviction. As van de Poppe summed it up, “Corrections can be painful, but they’re not necessarily bad.” Whether this one proves to be a launchpad or a warning sign remains to be seen.
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