Summary of Current Bearish Market Views: Bitcoin Nearing Key Support Level, Could Drop to $90,000 or Below

BlockBeats News, November 3rd, Bitcoin led the cryptocurrency market to decline this morning, bottoming out at $107,494, with a daily decrease of 2.21%. BlockBeats has compiled the main analysis viewpoints before and after this round of decline as follows:

On October 30th, glassnode published a market viewpoint stating that the market continues to struggle above the short-term holding cost price (around $113,000), which is a key battleground for bulls and bears. If it fails to regain a foothold above this level, it may further retreat to near the on-chain investor cost basis (around $88,000).

CryptoQuant CEO Ki Young Ju last night made a series of on-chain data statements indicating that the average bitcoin wallet cost is $55,900, which means holders are averaging a profit of about 93%. On-chain fund inflows remain strong. The price is unable to rise due to weak demand.

Today, 10x Research CEO Markus Thielen commented after the market decline, saying that Bitcoin is approaching the support line since the crash on October 10th. If it falls below $107,000, it may drop to $100,000.

Chinese crypto KOL Banmuxia publicly stated today that the traditional four-year bull market cycle has ended, and Bitcoin will gradually fall to $84,000, then experience several months of complex oscillation, and by the end of next year or early the year after, it will follow the U.S. stock market bubble to surge to $240,000.