Market opinions on this round of decline: Whether the "bull market" is still ongoing is causing disagreement; the final bottom price prediction for BT...

On November 18th, Bitcoin fell below $90,000 for the first time in nearly seven months, a single-day drop of 5.9%, and a decline of over 28.7% from its recent high. When will the decline stop, and in what price range will the final bottom be? BlockBeats has compiled the following key analytical points regarding this decline:

Chris Burniske, a partner at Placeholder VC, stated that bullish top signs have emerged, and he plans to re-enter the market when BTC falls to $75,000 or lower. While this crypto cycle has been disappointing, core assets like Bitcoin and Ethereum remain at historically high levels. Investors should be wary of short-term pullback risks while maintaining a long-term holding strategy. The October 11th crash has had a lasting impact on the market, making it difficult to quickly generate sustained buying. The monthly charts for BTC and ETH show cracks, but they remain in a "top range." Meanwhile, the decline in MicroStrategy (MSTR) stock price and frequent warning signals in the gold and credit markets indicate a broader asset correction is imminent. "This bull market is different, and the next bear market will be different too," he said, but "it's definitely not about going cross margin-in or liquidating," but rather adopting a gradual strategy.

BitMEX co-founder Arthur Hayes stated that Bitcoin may first dip to $80,000 to $85,000 before rising to $200,000 to $250,000 by the end of the year. In his latest blog post, "Snow Forecast," he wrote, "Bitcoin's drop from $125,000 to around $90,000, while the S&P 500 and Nasdaq 100 remain near all-time highs, leads me to believe a credit event may be brewing. This view is corroborated by the decline in the dollar liquidity index since July. If this is correct, the stock market could see a 10%–20% correction, while the 10-year Treasury yield approaches 5%, forcing the Federal Reserve, the Treasury, or other US government agencies to urgently implement some form of money printing. During this period of weakness, Bitcoin could dip to $80,000 to $85,000. If broader risk markets collapse and the Federal Reserve and Treasury accelerate money printing, Bitcoin could surge to $200,000 to $250,000 by the end of the year."

Chinese crypto analyst Banmu Xia stated that Bitcoin may first dip to $94,500 before entering a complex and volatile market, with the ultimate bottom around $84,000. "Regarding Bitcoin, many people are still underestimating the complexity of the upcoming market. I believe this mini-bear market will most likely end around $84,000, but this doesn't mean it will continue to decline smoothly to $84,000. This will most likely be a complex sideways correction. Currently, it may dip slightly to around $94,500, and then most likely enter an extremely complex and volatile market, with a rebound potentially reaching above $116,000, before slowly falling back to $84,000 or below by 6-8%."

Tom Lee, chairman of Bitmine, the largest Ethereum holder, stated that it will take 6 to 8 weeks to repair the market shock caused by market makers experiencing funding gaps, with easing expected after Thanksgiving (November 27th). The pain is short-term and will not change ETH's supercycle (i.e., Wall Street building an ecosystem on the blockchain).

Yi Lihua, founder of Liquid Capital (formerly LD Capital), stated: "The panic has reached its peak. I completely understand everyone's talk of the 4-year cycle, as well as various daily, weekly, and yearly charts. However, we maintain that now is the best time to buy the dips stocks at the bottom, and we are optimistic about the subsequent market trend . When others are panicking, be greedy. Even if we were right ten times before, it doesn't mean we will be right again. But in investing and trading, we always believe in our own logic. Our sharing and operations will not be influenced by market information. In the crypto, a day can feel like ten years. In fact, the high point has only been down for a little over a month, but when all the bad news has been priced in, buying is a better choice than selling."

Hong Hao, Bloomberg Businessweek's Person of the Year and a two-time winner of China's Most Influential Economist award, posted on Xiaohongshu that Bitcoin, which has fallen to $92,000, may find meaningful support only after dropping to the $70,000 range .

Trader Eugene Ng Ah Sio stated that he has become bullish and has increased his long positions in ETH and SOL . "I've increased my long positions in ETH and SOL. The oscillators have clearly returned to oversold territory, and I think it's time to start increasing my exposure in this market again."

Binance co-founder He Yi this month to a question from a community user: "Are you certain that we are not currently in a bear market?" He replied: "Of course I'm not certain, but that doesn't affect my long-term confidence in the industry. If we calculate based on historical percentages, it's clearly not the bottom yet ; however, the underlying logic of the industry has changed, and the industry's volatility paradigm will also change. History doesn't repeat itself, but it does rhyme."