{"id":91299,"date":"2025-11-22T13:21:22","date_gmt":"2025-11-22T10:21:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91299"},"modified":"2025-11-22T13:25:14","modified_gmt":"2025-11-22T10:25:14","slug":"bitwise-acknowledges-bitcoins-potential-dip-to-70000","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitwise-acknowledges-bitcoins-potential-dip-to-70000\/","title":{"rendered":"Bitwise Acknowledges Bitcoin’s Potential Dip to $70,000"},"content":{"rendered":"

The leading cryptocurrency is “closer to the bottom than the start of a pullback,” although a move to the lower end of the $70,000-$80,000 range remains possible. This was stated by Bitwise CIO Matt Hougan in an interview with CNBC<\/a>.<\/p>\n

On Friday, November 21, Bitcoin dropped<\/a> to around $82,000. At the time of writing, the asset is trading near $84,000. Over the week, prices have fallen by more than 12%, and over the month, by 23% (CoinGecko<\/a>).<\/p>\n

Correction as a Good Entry Point<\/h2>\n

Hougan believes the current sell-off in the asset is due to a clash between short-term fear and long-term confidence. Traders seeking quick profits are reacting to the “global decline in risk appetite, the winding down of DAT<\/span> trading, and the aftermath of volatility on October 11<\/a>.”<\/p>\n

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“But long-term investors are beginning to appreciate this price level,” the expert noted.<\/p>\n<\/blockquote>\n

According to him, several large institutional entities, such as the Harvard University fund and Abu Dhabi Investment Authority, view Bitcoin’s correction as a potential entry point. <\/p>\n

However, Hougan acknowledged that a dip closer to $70,000 is not out of the question. He identified $84,000 as a key resistance level.<\/p>\n

\n

“Cryptocurrencies are falling because global liquidity is shrinking. DAT token trading is winding down. A trend towards risk aversion is forming,” he stated.<\/p>\n<\/blockquote>\n

Ownership Structure as a Foundation of Stability<\/h2>\n

A similar view was expressed on CNBC<\/a> by Cantor Fitzgerald’s chief equity and macroeconomic analyst Eric Johnston. He noted that the Bitcoin sell-off reflects a broader cycle of risk reduction, which has also affected the crowded AI market.<\/p>\n

\n

“We entered this with leverage in the system. We took a serious hit, significantly reduced risks, and now everything is cleaner,” Johnston emphasized.<\/p>\n<\/blockquote>\n

The analyst highlighted a significantly altered ownership structure compared to previous downturns as a more important factor for digital gold. Significant volumes of the asset are now held by institutional players, and regulation has become much clearer, he explained.<\/p>\n

\n

“This has reduced, although not eliminated, overall volatility,” Johnston believes.<\/p>\n<\/blockquote>\n

Like Hougan, he did not rule out the continuation of the first cryptocurrency’s correction but also described it as a temporary phenomenon.<\/p>\n

As reported in Glassnode, the options market does not indicate a bottom, and traders are inclined to risk further Bitcoin declines below $75,000, according to their findings in Glassnode<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The leading cryptocurrency is “closer to the bottom than the start of a pullback,” although a move to the lower end of the $70,000-$80,000 range remains possible. This was stated by Bitwise CIO Matt Hougan in an interview with CNBC.<\/p>\n","protected":false},"author":1,"featured_media":91300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bitcoin is closer to the bottom than the start of a pullback, says Bitwise CIO.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[949,1146,1138],"class_list":["post-91299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitwise","tag-cryptocurrency-market-forecasts","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"127","promo_type":"1","layout_type":"1","short_excerpt":"Bitcoin is closer to the bottom than the start of a pullback, says Bitwise CIO.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=91299"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91299\/revisions"}],"predecessor-version":[{"id":91301,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91299\/revisions\/91301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/91300"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=91299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=91299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=91299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}