Bitcoin slips below $106,000 after a 4% drop, erasing almost all gains since the October 10 crash. Over a billion dollars in leveraged positions were liquidated in 24 hours.
Altcoins are hit even harder: Ethereum falls below $3,600, while Solana, BNB, Dogecoin, and Cardano drop up to 10%.
Despite the panic, analysts like Tom Lee remain optimistic, predicting a $200,000 Bitcoin by the end of 2025, counting on a bullish recovery after this consolidation phase.
After 10/10, Bitcoin plummets abruptly again
The crypto market kicks off November in deep red. After a hesitant weekend, Bitcoin dropped on Monday, falling over 4% to $105,500. In just one day, over a billion dollars in leveraged positions were liquidated across the market, as reported by CoinGlass.
This new shakeout nearly wipes out the rebound seen since the October 10 crash. Bitcoin is now down nearly 8% for the week, hitting monthly lows.
Altcoins plunge even harder
While Bitcoin faces a new correction, altcoins are suffering more. Ethereum drops below $3,600, down 7% in 24 hours and 14% for the week. Solana, BNB, Dogecoin, and Cardano all show losses of 8% to 10%, confirming the sharp return of risk aversion in the market.
This wave of liquidations highlights the fragility of the derivative market, where billions of dollars in leveraged positions can collapse within hours when prices reverse. A self-reinforcing spiral: forced selling accelerates the decline, triggering further cascading liquidations.
Traditional markets hold… for now
While cryptos sink, stock markets tried to ride on the wave of optimism fueled by AI’s dramatic announcements on Monday morning. But the momentum quickly faded: the Nasdaq was up only 0.4%, while the Dow Jones dipped into the red (-0.5%).
Cryptocurrency-related stocks naturally followed the downward trend. Circle drops 7%, Gemini 6%, Coinbase and Marathon Digital around 4%. Even MicroStrategy, the institutional giant of Bitcoin, is down by 3%.
The optimists stand firm
Despite this harsh correction, some analysts refuse to call it the end of the cycle. Tom Lee, co-founder of FundStrat Capital and CEO of Bitmine, believes the market remains bullish in the long run. On CNBC, he maintained his forecast of a $200,000 Bitcoin by the end of the year and Ethereum at $7,000 by 2026.
“The fundamentals drive prices higher. After a consolidation phase, the market should resume its upward trend by the end of the year“, he asserted.
His company, Bitmine Immersion, the leading institutional holder of ETH, still fell by 7.5% on Monday.
Year-end under high tension
Volatility remains extreme, and investors oscillate between fear and hope. Until Bitcoin convincingly breaks above $110,000, the market will remain vulnerable to new waves of liquidation.
But in this charged atmosphere, one certainty remains: the winter season will be decisive in determining whether crypto enters a new bull market… or a long digital winter.
