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After a record-setting October that saw Bitcoin blast to new all-time highs above $126,000, the market finally hit turbulence. On November 4, BTC briefly slipped below $100,000 for the first time since June, tagging lows around $99,000 before dip-buyers stepped in. Prices recovered to roughly $104,000 before dipping back below $102,000 this morning, with traders asking a familiar question: Is this just another shakeout before Bitcoin’s most statistically bullish month – or the start of a new downtrend?
Why Bitcoin Dropped Under Six Figures
After months of steady inflows and euphoric momentum, several forces collided in early November.
Macro jitters: A pullback in global equities and renewed uncertainty around the Federal Reserve’s rate-cut path pushed investors out of risk assets. Bitcoin, now widely treated as a macro-sensitive asset, got caught in the downdraft.
ETF profit-taking: Following record summer inflows, spot Bitcoin ETFs saw their first notable outflow streak as traders locked in profits from the $60 billion rally. That selling pressure, combined with tighter liquidity, broke the $100K floor.
Leverage reset: Derivatives data showed billions in long positions liquidated once BTC slipped below key technical levels – a classic “washout” that historically marks the middle, not the end, of bull cycles.
Put simply: overheated positioning met macro uncertainty, and the market blinked.
Moonvember or Market Top?
Bitcoin veterans call November “Moonvember” for a reason. Historically, it’s been the network’s strongest month, with an average double-digit gain across prior cycles – though not every year delivers fireworks.
The bull case:
A 20 percent pullback after new highs is typical mid-cycle behavior. Supply on exchanges remains thin, and corporate and sovereign accumulation continue. If those forces hold, a rebound toward prior highs by month’s end isn’t far-fetched.
The bear case:
Technically, Bitcoin is already in a “bear market” after falling more than 20 percent from its peak. ETF outflows and risk-off macro conditions could cap upside through winter, especially if $100K fails to hold as support.
History suggests November favors the optimists – but never guarantees them a win.
Predict the Market with Duelbits
Moments like this split the crowd: some see a buying opportunity, others call it a top.
On Duelbits Casino, users can test those convictions through Bitcoin price-prediction markets that mirror these very debates.
You can explore live markets such as:
- Will BTC reclaim its all-time high above $126K by the end of November?
- Does Bitcoin close the month above $120K – or below $100K?
- How will traders price in the next Fed move?
Each market displays real-time sentiment, showing where Bitcoiners think the price is headed and letting you decide whether to follow the crowd or fade it. It’s a transparent way to turn conviction into action.
Final Word
Bitcoin’s brief trip below $100K was a reminder that volatility is the price of admission for long-term believers. Whether this proves to be the shakeout before Moonvember’s rally or the first chapter of a new correction, the market’s message is clear: momentum can shift fast.
Prediction markets like Duelbits let you watch that sentiment evolve in real time – and stake your own view on what happens next.
Disclaimer: This article is sponsored content and does not necessarily reflect the views or opinions of Bitcoin Magazine. The information provided is for promotional purposes only and should not be considered financial advice. Bitcoin Magazine does not provide financial advice or endorse any specific betting or trading strategies. The Duelbits platform is not intended for users in the United States. Readers are encouraged to conduct their own research and ensure compliance with local laws before engaging with any financial products or services mentioned herein.
