Bitcoin has been a source of heated debate after falling below the $100,000 mark for the first time in four months. The drop to $98,000 on November 4 raised questions about whether the world’s largest cryptocurrency is entering a deeper correction or simply taking a breather.
At the time of writing, Bitcoin is trading near $101,380, according to CoinMarketCap.
This modest recovery has not calmed the debate among analysts, who are still divided on whether Bitcoin’s next move will be higher or lower.
Bitcoin Price Prediction: Is $56K a Realistic Target?
Bloomberg’s Mike McGlone was one of the biggest sources of investor caution this week. The analyst addressed
His view rests on Bitcoin’s pattern of returning to the 48-month moving average after strong rallies.
$100,000 Bitcoin – A Speed Bump Toward $56,000?
“Look at the chart” has been a mantra of Bitcoin bulls, but the market gods can refresh the humility if prices move too far. Synonymous with humility is mean return, and my look at the graph shows how normal it has been for the… pic.twitter.com/ijzJ8L4SjT— Mike McGlone (@mikemcglone11) November 6, 2025
McGlone says Bitcoin could follow this historical rhythm. In previous cycles, when prices rose well above this moving average, they tended to correct towards it before continuing to rise.
That level is now around $56,000 and represents the next logical support if history repeats itself.
Technical indicators are currently showing a slowdown in upside. The recent decline formed lower highs on the daily chart and analysts say this setup shows easing buying pressure.
Still, others warn against drawing quick conclusions. The crypto market often moves in both directions and short-term price fluctuations can mislead traders.
On-chain data indicates that the Bitcoin market is still stable
Despite the market volatility, data about the chain paints a calmer picture. Analytics firm Glassnode reported that the current downturn shows no signs of panic among holders.
The report shows that the relative unrealized loss ratio (which tracks the share of losses incurred by current investors) is 3.1%. Historically, figures below 5% indicate that investors are still confident and holding firm despite mild corrections.
Glassnode compared today’s numbers to mid-cycle adjustments from early this year. There was also short-term stress during those periods. Each time, however, Bitcoin recovered as selling pressure subsided.
The data shows that most investors are not rushing to exit their positions. Instead, they appear to be maintaining long-term confidence as the market recalibrates.
Bitcoin analysts are divided on what comes next
Several analysts are now taking positions on either side of the fence. Some expect a deeper decline towards the $56,000 level, while others argue that the current price action is similar to previous healthy corrections.
XWIN Research Japan pointed out that the market value of Bitcoin compared to the realized value (MVRV) has fallen to levels that historically marked local bottoms. This indicates that the current correction could be nearing completion, and not the start of a major decline.
JUST IN: 💰 Cathie Wood says Ark Invest is winding down its bullish #Bitcoin forecast by $300,000, citing the rapid growth of stablecoins in emerging markets, bringing the new top target to $1.2 million by 2030. pic.twitter.com/rln31NwhR1
— Bitcoin.com News (@BTCTN) November 6, 2025
Meanwhile, Cathie Wood of ARK Invest took a longer-term view.
She lowered her 2030 Bitcoin price forecast by $300,000 due to the increasing use of stablecoins in emerging markets, which challenged BTC’s role. Her revised top forecast is now $1.2 million.
#BTC #News #Top #Analyst #Mike #McGlone #Bitcoin #Heading