Bitcoin Holding Up Better Than You Think: Analyst Says Bull Market Still On

The crypto market is facing one of its worst days in months after a violent sell-off erased billions from total market value. Bitcoin, Ethereum, and major altcoins plunged sharply as panic selling, massive ETF outflows, and weakening support levels triggered a chain reaction across global markets.

fell through its critical $90,000 support zone, dropping to nearly $86,000, which triggered a wave of automated liquidations across major exchanges. The next strong support sits near $83,800, a level traders will watch closely to determine whether further downside is coming.

The selling pressure intensified after spot Bitcoin ETFs in the U.S. recorded $903 million in net outflows on November 20, the second-largest ETF outflow day in history.

Ethereum was hit even harder, falling almost 42% from its highs, now trading near $2,700. Its spot ETFs recorded another $262 million in outflows, marking eight consecutive days of withdrawals, signaling fading institutional confidence.

Crypto analyst Rekt Capital Bitcoin’s unusual price behavior may be linked to its market cycle. He said that Bitcoin was 260 days ahead of schedule when it hit a new all-time high before the 2024 halving. But after that, Bitcoin spent eight months moving sideways, which erased this early lead.

Now, Bitcoin is rejecting its old all-time highs about 550 days after the halving, which matches past bull-market peaks. This shows Bitcoin may now be following its historical cycle again and could even be entering a longer cycle than usual.

Lark Davis the global economy is still stuck in a long contraction phase. US manufacturing has been below 50 for almost three years, which is unusually extended. Historically, Bitcoin performs best when the economy moves from contraction back into expansion. Here are more reasons why: