Bitcoin at $76,300 as November Price Outlooks Diverge

Bitcoin (BTC) is trading around $76,300, with conflicting forecasts emerging for early November—some predicting a breakout above $90,000 while others warn of additional declines toward the low $70,000 range. According to CoinMarketCap data as of 17th, Bitcoin rose 0.3% over the past 24 hours to trade near $76,300 (approximately KRW 145.3 million), with a weekly decline of about 5%. Matthew Hyland, a digital asset trader, suggested Bitcoin may have reached a daily cycle low, citing bullish divergence in some technical indicators despite price declines. He forecasted the asset could surpass $90,000 by early November, representing roughly an 18% increase from current levels. Hyland noted that liquidity around $75,000 has been absorbed during recent declines and that there is relatively less liquidity below this level, favoring a rebound over further sharp drops.

CryptoPotato reported Hyland's analysis, clarifying it is not a confirmed price target or timeline. On-chain metrics also showed potential signs of a bottom, with CryptoQuant contributor IT Tech analyzing that the proportion of BTC held by wallets holding for 6–12 months rose from 16.2% in December 2023 to 30.8% recently—a pattern observed during prior market lows. However, IT Tech cautioned against labeling this as the final bottom, noting Bitcoin has fallen roughly 40% from its peak, suggesting current trends reflect a mid-cycle bottom rather than the ultimate low.

Conversely, analysts like Ted Pillows, a digital asset analyst, warned of further downside after Bitcoin broke below the 50-week exponential moving average (EMA), potentially testing $70,000–$72,000. Crypto Patel also forecasted a steeper decline, citing Bitcoin's failure to break above $83,000 resistance and subsequent drop to around $74,900. He suggested the asset could fall as low as $50,000 if it fails to close above $83,000 long-term. These views were linked to recent selling pressure following the U.S. Senate's Digital Asset Market Structure Act (Clarity Bill) failing to secure 60 votes needed for passage, which reportedly intensified short-term investor sell-offs. Over 23,000 BTC—worth approximately $1.8 billion—was sent from wallets held by short-term investors to exchanges.