Bitcoin’s journey through October saw it soar to an incredible height of over $126,000 before experiencing a considerable drop of more than $20,000, leading many to question what comes next.

Expectations for November have thus far been bearish, with Bitcoin even plunging to a low of just over $103,500, representing a decline approaching $23,000 from its previous all-time high.

Analysts are now divided on whether this downturn is the start of a longer bear market or merely an opportunity for buyers to swoop in.

The Bull Perspective

Merlijn The Trader asserts that Bitcoin is mimicking the market pattern from 2017. He outlines that the current situation is comparable to a “launchpad in disguise,” despite short-term expectations of pain.

“BITCOIN IS REPEATING THE 2017 CRASH SETUP. Every stage has played out. This isn’t capitulation; it’s the launchpad in disguise.” — @MerlijnTrader

Merlijn suggests that preparation for potential market strain is necessary but offers hope for a recovery.

In contrast, Doctor Profit predicts a dip below $100,000, urging stakeholders to adjust their perspectives accordingly. He believes this price point is inevitable given current market conditions.

The Bear Perspective

According to CryptoJelleNL, without defending critical price levels, Bitcoin risks entering a prolonged period of dormancy, indicating a grim outlook for the cryptocurrency if it dips below the five-figure range.

“Looking grim for #Bitcoin, but will look magnitudes worse if we lose $100k. Must defend area or we’ll go into a couple months of hibernation again.” — @CryptoJelleNL

In conclusion, Bitcoin’s upcoming price movements remain uncertain as discussions continue among traders and market analysts.