- Bitcoin plunged below $86,000, dragging the crypto market down and wiping out billions in hours.
- Ethereum fell to $2,806 (-14%) and XRP dropped to $1.98 (-16%), signalling broad market losses.
- Analysts remain divided: Brandt sees BTC hitting $200K by 2029, while Bloomberg warns of a potential $10K drop.
Bitcoin slid considerably today, dragging the entire crypto market with it, erasing billions of dollars in value in mere hours. The BTC retreated to around $85,738, translating to a weekend loss of over 13%. Ethereum, on the other hand, retreated to $2,806, down 14% in value over the weekend, with XRP lowering its value to $1.98, down by nearly 16%.
The crypto market capitalisation stands at $3.06 trillion, and this indicates market pressure. The Fear and Greed Index has remained at 11 marks for the second consecutive week, and this indicates extreme fear among crypto market participants. The last 24 hours saw over 221,000 positions liquidated, with $794 million incurred in losses.
At press time, BTC is trading at $83,577 with a 24-hour trading volume of $146.85 billion and a market cap of $1.67 trillion. BTC price decreased by 9.10% in the last 24 hours.
Bitcoin Could Reach $200K by 2029, Says Brandt
Market veteran Peter Brandt has disclosed that he maintains 40% of his largest Bitcoin holding, which he acquired at a price he considers one-twentieth of that at which Michael Saylor has been entering the market.
Brandt has described this current correction as “the best thing that could happen to Bitcoin,” as it will reduce leverage and allow BTC to recover better. He has also predicted that in the next bull market, Bitcoin may reach $200,000 by the third quarter of 2029, and his analysis can be seen anytime by the members of Bitcoin Live.
The prediction sparked mixed responses. Some argued that, depending on Bitcoin’s risk, returns seem modest, whereas others referred to cycle forecasts, such as a trough in October 2026 and a peak in September 2029. Mike McGlone,
A Bloomberg analyst argued that Bitcoin may drop to $10,000 if market conditions face difficulties, as seen in 2018, with increased token supply and difficult macro environments.
Also Read | Strategy Maintains BTC Position Despite $1 Billion Market Sell-Off Speculation
Bitcoin Volatility Sparks Market Caution
Although there was a sell-off, key individuals in the market are optimistic. The CEO of MicroStrategy, Michael Saylor, asked people not to panic, having acquired $800 million worth of BTC last week and remaining viable even if the price goes down by as much as 90%. The founder of Cardano, Charles Hoskinson, also remained optimistic, expecting BTC to hit $250,000 by next year.
Technical analysis indicates that BTC is reaching oversold conditions, possibly triggering an upward move as selling pressure deters. Any slight rise in market expectations of a December interest-rate cut, at 31% probabilities, may initiate buying actions.
Analysts warn that if the pace of growth towards 2029 is slow, this could pose problems for miners, as rising operating expenses and diminishing block rewards are at stake.
Despite market volatility, it appears that market participants are keenly waiting to see if the selling cycle may be coming to an end and if it may be entering into its next growth cycle.
Also Read | Abu Dhabi Investment Council (ADIC) Triples Bitcoin Holdings Amid Market Volatility
