Core Insights - Bitcoin is experiencing its worst monthly performance since 2022, with venture capitalists indicating that the downturn is just beginning [1][2] - Bitcoin's value has decreased by approximately 23% in November, marking the largest monthly decline since June 2022, and has plummeted over 30% from its record high in early October [2][3] - The market is facing significant selling pressure, with institutional investors showing reluctance to buy the dip amid poor sentiment [6][7] Market Performance - Bitcoin's price fell as much as 6.4% to $81,629 on a recent Friday, contributing to a total decline of about 23% for the month of November [2] - The cryptocurrency market has lost roughly $1.5 trillion in combined market value due to a significant liquidation event on October 10, which wiped out $19 billion in leveraged token bets [7] Investor Sentiment - Prominent investors like Chris Burniske and QwQiao predict further declines, with Burniske suggesting that the current selling phase has just begun and QwQiao forecasting a potential 50% drop before a market recovery [1][4] - Veteran trader Peter Brandt offers a contrarian view, suggesting that the current market conditions could ultimately benefit Bitcoin in the long term, predicting a rise to $200,000 by Q3 2029 [5] Institutional Activity - A group of 12 US-listed Bitcoin exchange-traded funds experienced $903 million in net outflows, marking their second-largest single-day redemption since January 2024 [6] - Open interest in perpetual futures has decreased by 35% from its October peak of $94 billion, indicating a retreat from institutional investors [6]

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. An influential cryptocurrency analyst predicted Monday when Bitcoin (CRYPTO: BTC) is likely to hit its bottom, even as the leading cryptocurrency crashed below $90,000. Another Year Of Bearish Pain? Ali Martinez made a bold prediction for X, saying that the apex cryptocurrency would bottom in October 2026. They based their projection on the historical trend of Bitcoin bear markets lasting “364 days.” Mart ...