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Bitcoin extended its November slump on Nov. 20, briefly dipping below $88,000. According to CoinGecko data, Bitcoin traded around $87,319 intraday, down about 4% over the past 24 hours and nearly 13% on the week, after falling from highs above $103,000 just days ago.
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The Fear and Greed Index read 11, indicating extreme fear for the second consecutive week.
In the past 24 hours, 221,588 traders were liquidated, with the total liquidations coming in at $794.11 million. Bitcoin shared $118.47 million of the total liquidations, as per Coinglass data.
Bitcoin could crash to $10K if 2018 pattern repeats, warns Bloomberg analyst
Just a day earlier, Bloomberg's Mike McGlone warned that the market could unwind all the way to $10,000. He added that Bitcoin's current structure reminds him of the major unwinds seen in 2018, when the price collapsed from $10,000 to nearly $3,000.
He cited expanding token supply, late-cycle ETF inflows, and a deteriorating macro backdrop.
He added that volatility signals — including the VIX hovering near its 200-day average and the S&P 500’s realized volatility falling to 2017 levels — indicate rising fragility.
This article has been published in thestreet.com via Yahoo News.
Analyst warns Bitcoin could drop to $10K, as price crashes to $86K
Bitcoin extended its November slump on Nov. 20, briefly dipping below $88,000. According to CoinGecko data, Bitcoin traded around $87,319 intraday, down about 4% over the past 24 hours and nearly 13% on the week, after falling from highs above $103,000 just days ago. 'Big Short’ Michael Burry ...
finance.yahoo.com
