Bitcoin price has fallen toward $68,000, prompting crypto analyst Doctor Profit to declare a market bottom as the cryptocurrency tests its 200-week moving average after losing key support levels.
Summary
- Bitcoin price fell toward $68,000 before recovering near $69,200, leaving traders focused on its 200-week moving average.
- Crypto analyst Doctor Profit called $68,000 the Bitcoin bottom and confirmed he was buying near that level.
- Daan Crypto Trades warned that Bitcoin must hold its weekly moving averages, while Merlijn identified $60,000 as invalidation.
- Peter Schiff declared Bitcoin in a long-term bear market, challenging bullish expectations of a recovery.
- Michaël van de Poppe predicted a possible rebound toward 72,000–74,000, while ETF withdrawals and liquidations continued.
Doctor Profit wrote in a November 13 X post, “Bottom was in at 68k,” arguing that the long-term moving average has repeatedly coincided with Bitcoin’s bear-market lows. He said he was placing substantial buy orders around the level.
At the time of writing, Bitcoin was trading near $69,200, down roughly 6% over 24 hours, after touching a daily low near $67,920, per crypto.news price data. The 24-hour trading range extended as high as $73,540.
Doctor Profit calls $68K the Bitcoin price bottom
The analyst described the 200-week moving average as his preferred historical bottom indicator, linking it to Bitcoin’s four-year market cycle.
“I am bidding big size here,” he wrote.
His argument rests on previous encounters with the long-term average, although the latest visit alone cannot establish whether the current selloff has ended. The 200-week measure tracks average prices over roughly four years and changes gradually, unlike shorter-term averages that respond more quickly to daily trading.
In a separate post, Doctor Profit acknowledged a losing position taken at a higher price. “I was wrong with the long at 80k,” he said, while maintaining that he remains bullish.
He pointed to Bitcoin trading near both the weekly 200-period average and a Fibonacci retracement area he called the Golden Pocket, placing that zone between $68,000 and $69,000.
He had previously outlined that downside scenario if Bitcoin lost its 50-week moving average. With that level broken, he said his orders had activated near the next support zone. A November 12 weekly-chart analysis placed the 50-week average around $75,157 and the 200-week average near $68,013, giving a numerical reference for his latest call.
Other Bitcoin analysts are watching weekly closes
Daan Crypto Trades offered a more cautious assessment of the same technical level. In his post on X, he said Bitcoin had returned to its 200-week simple and exponential moving averages sooner in the cycle than he expected, after the low-to-mid $70,000 range failed to offer lasting support.
“With that said, the weekly candles really need to hold on to this area,” he wrote.
Daan cautioned that prices can briefly trade below a support line before recovering, making weekly closing prices more useful than intraday moves for determining whether the level has held. He said his existing spot Bitcoin purchases were mostly made between $60,000 and $70,000 earlier this year. He had not planned to sell those holdings even if Bitcoin fell further.
Analyst Merlijn The Trader compared the correction with a pattern he identified in 2023. In his analysis, a decline of 9% beneath a previously established base would place the 2026 retracement near $68,000. “Weekly close below $60K and I’m wrong,” he wrote, setting a substantially lower level for invalidating his bullish scenario.
Schiff disputes calls for a Bitcoin recovery
Not every market commentator sees the $68,000 area as a buying opportunity. Gold advocate Peter Schiff declared Bitcoin to be in a prolonged downturn after it traded around the price of its November 2021 peak near $69,000.
“Bitcoin is in a long-term bear market. The long-term trend is down,” he wrote.
Schiff questioned what investors who bought near that 2021 high would think of Bitcoin trading around the same price five years later. Bitcoin podcaster Stephan Livera disputed the comparison, pointing out that the cryptocurrency similarly traded below its 2017 record during November 2022.
Buy the dip?
Michaël van de Poppe took the opposite side of Schiff’s assessment, saying he bought more Bitcoin during the November 13 decline. He pointed to an unusually stretched downside move and a sweep of liquidity around the 200-day moving average, forecasting a possible rebound toward $72,000 to $74,000 over the following days.
The market decline has coincided with substantial forced selling. Previous reporting recorded approximately $677.5 million in Bitcoin liquidations across a rolling 24-hour period, with most losses affecting long positions. US spot Bitcoin funds recorded $299.8 million in net withdrawals on November 11, including $269.7 million from BlackRock’s IBIT, according to Farside Investors.
Glassnode’s November 11 research nevertheless identified buy orders between $68,000 and $72,500 on major exchanges. The analytics firm reported that stablecoin supply contracted by $14.2 billion in the 30 days through November 9.
Meanwhile, Bitcoin’s Bull Score Index fell to zero, its most bearish reading, according to CryptoQuant’s November 11 update. The index combines 10 market and on-chain indicators, and none registered a bullish signal at that reading.
