Bitcoin Correction Reaches 35% as Traders Target a Bottom Near $70–75K
Bitcoin has fallen thirty-five percent from its all-time high, testing the eighty-two-thousand-dollar level for the first time in two hundred thirty-four days. The move represents one of the sharpest drawdowns of the current cycle and has intensified uncertainty across the broader crypto market. Within a single day on the twentieth of November, Bitcoin declined by five and a half percent, while Ethereum slipped below two thousand seven hundred dollars, marking a forty-five-percent correction from its August peak.Correction Now Matches Earlier Major Pullbacks
Trader Daan Crypto notes that the current correction is now fully aligned with previous major market pullbacks in this cycle. According to him, the decline is hitting the market harder than expected, especially following the October tenth downturn that triggered severe losses among altcoins. While crypto assets struggled, stocks and metals continued to set new all-time highs during much of the correction, further amplifying the contrast between traditional and digital markets.Panic Selling Intensifies as Support Levels Draw Closer
PlanC, the creator of a well-known Bitcoin quantile model, reports that panic selling has accelerated across the market. He warns that a swift downward move of over ten thousand dollars within a single day remains possible. As selling pressure builds, the seventy-thousand to seventy-five-thousand-dollar range is increasingly viewed as the most likely area for Bitcoin to form a temporary or cyclical bottom.Echoes of March 2020 and “Black Swan” Fears
PlanC also draws parallels to the rapid capitulation event of March 2020, when markets crashed during the onset of the COVID-19 pandemic. He suggests that Bitcoin’s current behavior may be signaling a broader global stress event. Some analysts believe the market may be pricing in the early stages of a potential “black swan” scenario, though no specific catalyst has yet materialized.What Traders Expect Moving Forward
Market observers are watching key support levels closely. If Bitcoin holds above the mid-seventies, the correction may stabilize and form a new base for the next leg of the cycle. A clean break below seventy thousand dollars, however, could trigger a deeper liquidity cascade. With volatility rising and sentiment weakening, traders expect the coming days to define the market’s next major direction.Editorial Team — CoinBotLab