Bitcoin plummets, experts predict further decline

(Dan Tri) - Bitcoin fell sharply to its lowest level since May, dragging many other cryptocurrencies down. Experts warn that the market will continue to fluctuate strongly due to the impact of US economic policy.

According to data from Binance, the price of bitcoin plummeted to just $95,808/BTC - the lowest level since May, at one point the market price dropped to nearly $94,000. The world's largest digital currency is now down nearly 24% from the record high of over $126,000 reached just over a month earlier.

The weakness spread across the market, dragging major tokens like ethereum (ETH) down to below $3,200, down more than 11% from the beginning of the week; solana (SOL) also lost up to 15% in the same period, according to CoinDesk.

According to Bitfinex experts, the recent sharp decline in the market mainly stems from the lack of clarity on key US economic conditions and the direction of monetary policy. This “information blindness” stems from the US government shutdown that lasted from October 1 to November 13, causing reports on inflation and the labor market to stagnate.

In that context, experts say the market is forced to adjust due to a lack of information guidance, combined with political instability that makes investors more cautious. This combination has pushed many people into a waiting state, not daring to make big decisions until economic data is released again.

Bitcoin price movements last week, at one point dropping to $94,443 (Photo: CoinDesk).

Noelle Acheson, author of Crypto Is Macro Now, said the recent price drop was a necessary correction after months of sideways market and failure to sustain a breakout above $120,000.

The key driver for bitcoin remains macro liquidity, Acheson said. While the next Fed rate cut may not come until the end of the first quarter of 2026, expectations of a balance sheet adjustment or other easing measures could help restore sentiment toward risk assets, including bitcoin.

Meanwhile, John Glover, chief investment officer at digital asset lending firm Ledn, said technical signals indicate that bitcoin still has room to fall. He warned that a break below the 23.6% Fibonacci level just below $100,000 has opened the way to the next important support zone around $84,000.

Glover believes the current correction is part of a bitcoin bear market and the next phase will be volatile. “The price could bounce back above $100,000 before a dip below $90,000,” he said, predicting the correction could last until the summer of 2026.

Source: https://dantri.com.vn/kinh-doanh/bitcoin-lao-doc-chuyen-gia-du-bao-co-the-giam-them-20251116145028002.htm