$BTC has begun its long-anticipated correction. The question now is: how far will it dip?
Bitcoin fell to a six-day low of $92,775 during early trading in Asia on Tuesday, marking a 7% drop from its all-time high of $99,845 on Nov. 22. However, the asset quickly began rebounding, nearing $95,000 during Asian trading on Nov. 26. Despite the pullback, Bitcoin remains up almost 40% for the month.
Crypto analysts are actively debating the extent of the dip during this correction phase.
The correction coincides with another massive Bitcoin purchase by Michael Saylor’s MicroStrategy. On Nov. 25, the company acquired 55,500 BTC for $5.4 billion, adding to its already substantial holdings.
This prompted speculation among analysts:
Mags, a crypto analyst, remarked, “Saylor just bought $5.4B of Bitcoin, ETFs continue to accumulate. Who is selling that we’re still below $100k?”
DonAlt noted, “Feels like Saylor really wanted to break $100k and failed, and now the market is just waiting for him to buy more.”
Bitcoin pioneer Adam Back questioned, “Who is selling Bitcoin in volume below $100k at this stage in the market?”
Bloomberg ETF analyst Eric Balchunas added context, pointing to on-chain data indicating long-term holders were taking profits, stating:
“The call is coming from inside the house—it’s long-term HODLers taking profits.”
Crypto analyst James Check reported that long-term holders have distributed $60 billion worth of Bitcoin over the past 30 days, making it the largest profit-taking event this cycle.
“This is the heaviest profit-taking we’ve seen so far this cycle,” Check noted.
Such behavior is typical during price discovery, as investors cash out during market peaks.
Price corrections are a natural part of market cycles, and Bitcoin’s price history offers insight into what could come next.
Rekt Capital, a prominent analyst, observed that in previous bull runs, Bitcoin spent 6-7 weeks in price discovery before a major correction occurred:
In 2013, Bitcoin rallied for 6 weeks before a correction in week 7.
In 2017, it rallied for 7 weeks before experiencing a 34% retrace in week 8.
In 2020-2021, similar patterns emerged, with corrections following a sustained rally.
This time, Bitcoin has been in price discovery for 4 weeks, suggesting further downside could occur, potentially testing support in the high $80k range before resuming its uptrend.
In last historical patterns suggest that the current dip is part of a longer-term rally. Investors are watching closely as #BTC navigates its next steps, with $100,000 still within reach.
