Bitcoin slid below the $92,000 mark on Wednesday, trading at $91,500 at press time after a one-day drop of 5% that left the token down 17% in the last 30 days.
Market players were rattled after a stretch of heavy swings that began with a peak early in October. According to market trackers, price pressure has pushed sentiment into deep fear as investors reassess risk.
Winklevoss Sees Opportunity
According to posts on X by Cameron Winklevoss, prices under $90,000 may not last long. “This is the last time you’ll ever be able to buy bitcoin below $90k!” he said.
Cameron and his brother Tyler have long compared Bitcoin to modern gold and have suggested it could one day reach $1 million, a view that frames the current pullback as a buy window rather than a lasting setback. Some industry leaders echoed that view, calling the fall a chance for long-term buyers to accumulate.
October Shock Still Echoes
Bitcoin’s recent slide followed a new high of $126,200 on October 6, 2025, and heavy liquidations four days later that erased close to $20 billion in leveraged positions.
Analysts tracking market cycles say this pullback fits a common pattern after the April 2024 halving, with major peaks often arriving 400–600 days afterward.
Reports from The Kobeissi Letter suggest much of the current weakness looks like a routine unwinding of margin positions rather than a collapse in underlying demand.
Whales Are Accumulating
According to Glassnode, wallets holding 1,000 BTC rose from 1,354 on October 27 to 1,384 on November 17, an increase of 2.5%. At the same time, smaller holders moved away; addresses with less than one BTC dropped from 980,577 to 977,420 in the same period.
Markus Thielen of 10X Research said large holders have been buying while absorbing selling pressure. Some of the buying activity has been quietly taking place, and it is being watched closely by analysts.
Fear And Market Flows
Figures show that the Crypto Fear & Greed Index plunged to readings as low as 15, levels not seen since mid-2022.
CryptoQuant analyst JA Maartun flagged the extreme fear reading, while other industry voices pointed to ETF outflows and geopolitical tensions as added stressors.
Bitwise CIO Matt Hougan described the current price as a “generational opportunity,” a phrase that sits alongside warnings about possible further downside.
Featured image from Gemini, chart from TradingView
