PANews reported on November 24th that, according to CryptoQuant analyst Crypto Dan, short-term Bitcoin holders have engaged in panic selling, shifting market sentiment from optimism to pessimism. This situation is similar to the bottom of previous bull market corrections, but on a smaller scale. Currently, the market may move in two directions:
- If the current situation is just a correction phase, it may already be close to the bottom.
- If a bear market cycle begins, the decline may continue.
In the short term, Bitcoin has a high chance of rebounding, but if it falls below the $80,000 mark, the market may face greater challenges. However, the likelihood of this bear market experiencing a drop similar to the historical decline of over 70% is low.
