Technical Analysis

Mike McGlone, chief commodity strategist at Bloomberg Intelligence, has outlined a scenario in which Bitcoin could fall to $10,000. He draws comparisons to his 2018 forecast, when the cryptocurrency traded near that level before dropping to $3,000. McGlone expects rising market volatility and suggests Bitcoin's downturn may affect broader equity markets.

Short-term Bitcoin holders deposited 65,200 BTC to exchanges at a loss within 24 hours, valued at $6.08 billion. Data show this occurred as BTC approached $89,000, marking another capitulation wave. The 7-day moving average of realized losses reached $427 million, the highest since November 2022, according to Glassnode.

JPMorgan has raised its estimated support level for bitcoin to approximately $94,000, reflecting increased production costs driven by higher network difficulty. The bank continues to project a six to twelve month upside target of around $170,000, based on bitcoin's volatility-adjusted valuation relative to gold. With bitcoin trading near $102,300, the price-to-production-cost ratio stands slightly above 1.0, a level that has historically provided support during previous market cycles.

Bitcoin recovered in Asian trading on Wednesday, rising nearly 2.3% to $92,361 after briefly dropping to $89,286.75, its lowest level in seven months. The cryptocurrency now trades 26% below its October peak above $126,000, with all gains accumulated earlier this year wiped out. The broader crypto market has lost approximately $1.2 trillion in value over the past six weeks.

Bitcoin faces selling pressure near $91,000 as a bearish ABCD pattern signals potential decline to $83,800. ARK Invest purchased $10.2 million in Bullish shares on Monday, while El Salvador acquired 1,090 BTC worth over $100 million despite IMF loan restrictions that previously required the nation to limit Bitcoin purchases.

Ethereum climbed 5.4% to $3,200 on November 19 after dropping to $2,956 the previous day, though technical indicators point to potential weakness ahead. Accumulation addresses and institutional investors continued purchasing ETH throughout the recent selloff, with critical support levels concentrated between $2,300 and $2,900. The asset has posted consecutive lower highs and lower lows since September, while on-balance volume shows sustained selling pressure.

Fundstrat co-founder Tom Lee projects Ethereum is approaching a cyclical bottom this week at $3,018, citing on-chain fundamentals and valuation metrics relative to Bitcoin. Lee attributes the recent decline to a broader crypto correction following an October 10 liquidation event. He maintains Ethereum's core investment thesis remains intact, supported by growing institutional interest in blockchain infrastructure for tokenization and stablecoins.

El Salvador purchased 1,090 BTC on November 18, 2025, bringing its total holdings to 7,474 BTC valued at approximately $676 million. The acquisition occurred as bitcoin fell below $90,000, marking its lowest level since April. The purchase raises questions about compliance with the country's $1.4 billion IMF loan agreement, which prohibits new bitcoin acquisitions by public entities.

Hyperliquid's HYPE token advanced 6.7% to trade near $41.28 while most altcoins declined, with market capitalization reaching $13.9 billion. Trading volume jumped 57.58%, indicating strong market participation across spot and derivatives platforms. The gain contrasts with broader crypto market weakness, suggesting selective investor rotation into specific opportunities.

Bittensor has fallen 60% from its all-time high, with TAO declining 14.8% over the past week. The token is now testing a multi-month support level at $300, which has held since June. Token Terminal data show core developer activity declined during July and August and has not recovered.