Bitcoin price fell below $68,000 on November 13. The price now sits more than 45% below its record high of $126,080.
Some analysts are saying that the peak will never return. However, other traders see a bottom forming soon.
Is Bitcoin’s Record High Gone for Good?
Bitcoin’s slide from its $126,080 peak has fueled intense debate. Some traders view it as a healthy pullback within a bull market. Others fear a more permanent shift.
Analyst Z believes Bitcoin will never revisit it.
“Mark my words. You will never see another Bitcoin all-time high in your lifetime,” he wrote in a widely shared post on X.
According to the analyst, the investment environment has changed:
- Higher interest rates discourage leveraged speculation.
- Meanwhile, AI companies and new listings such as SpaceX now compete for capital.
Moreover, he described a reported $6.3 billion Binance-related incident as the symbolic end of an era.
Those claims remain highly contested. Still, the post quickly drew wide attention among crypto traders.
“Type of tweets you see at the bottom. I’ve also never seen a good take starting with ‘mark my words’. See you at the next ATH,” The Crypto Monk replied.
Could Bitcoin Be Near a Bottom Instead?
Not everyone agrees. Michaël van de Poppe acknowledged the severity of the correction. Still, he suggested that a bottom could form within a day or two.
“…I’m keen to see how this day’s candle closes. If #Bitcoin repeats the same price action as prior to the SpaceX IPO, the bottom should be hit today/tomorrow and we’ll only go up from here,” van de Poppe said.
Similarly, Merlijn The Trader sees a possible repeat of the 2023 structure. He plans to bid near $68,000, with a weekly close below $60,000 as his invalidation level.
However, Ted Pillows noted that open interest remains elevated. In his view, the market still needs a leverage flush before a lasting reversal.
On-chain data adds some optimism. According to CryptoQuant’s analyst MAC_D, the latest drawdown of roughly 19% exceeds the 14.39% average bull-market correction. Short-term holder SOPR has also reached levels that marked major bottoms in past cycles.
For now, the 200-week moving average near $67,975 acts as immediate support. A break below could open the $66,000 to $67,000 zone, followed by $62,300.
On the upside, reclaiming $75,000 would signal renewed strength. Meanwhile, a weekly close below $60,000 would send a clear warning to the bulls.
