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A Senior Bloomberg Strategist says Bitcoin has entered what he calls a “do-or-die” moment.
Bitcoin claws its way back from the abyss, but the ascent is treacherous. Weeks of relentless bleeding, sparked by the October 10th crash and intensified on the 27th, leave the king of crypto struggling under immense pressure. Is this a fleeting rally or the start of a true turnaround?
Bitcoin’s October bloom, peaking at $123,519 on the 6th, withered quickly. By November 4th, a near 20% plunge dragged it to a chilling $98,898. Though it’s clawed its way back to $106,200, Bitcoin still limps, nursing wounds roughly 14% deep from its earlier high.
McGlone’s crystal ball shows Bitcoin flexing serious muscle. Forget baby steps, 2023 saw Bitcoin Hulk-smash through resistance like it was made of cardboard. And the knockout punch? A record-shattering $126,272 high on October 6th – a peak that leaves the old records in the dust.
Bitcoin 1M Chart | Bloomberg Intelligence
But then, the rally sputtered. The chart started whispering tales of reversal: candles sprouted long, ominous shadows above, a clear sign that sellers were flexing their muscles, shoving back against the bullish tide near its peak. Even the trusty 12-month SMAVG, which had been a loyal climber, seemed to lose its breath, its upward trajectory flattening as the bulls’ stamina waned.
Bitcoin’s teetering on a knife’s edge, trapped between $100,000 and $110,000 – McGlone’s “make-or-break” zone. A surge past $110,000 could unleash a torrent of renewed market faith, reigniting the bull run. But a slip below $100,000? Brace for a potential plunge into deeper market darkness.
Analysts Identify Bitcoin Critical Position
Van de Poppe, among other market gurus, pinpoints the looming battle zone for Bitcoin: $108,000 to $110,000. Will Bitcoin shatter this ceiling, or will it face a brutal rejection?
Crucial resistance coming up for #Bitcoin.
As the curtain falls on the government shutdown, could this be the cue for Wall Street’s slumbering bull to awaken with renewed vigor?
To be honest, if $BTC breaks through $110K, we’ll likely see a rally towards the ATH. I do expect #Altcoins to… pic.twitter.com/5j0UEAkq3S Michaël van de Poppe (@CryptoMichNL) November 10, 2025
As the U.S. government shutdown clock ticks down, anticipation is building: a breakout above this critical resistance could ignite a surge toward record highs. Michaël van de Poppe suggests the real fireworks will begin once the rally gains momentum, predicting altcoins will eclipse Bitcoin’s performance. Buckle up; altseason may be on the horizon.
Ted Pillows, another market watcher, concurs. He pinpoints Bitcoin’s recent resurgence around the $104,000 mark, suggesting it’s now a temporary bedrock for the digital currency.
Bitcoin 1D Chart | Ted Pillows
Bitcoin’s next act hinges on a razor’s edge. Crypto analyst “Pillows” forecasts a potential rocket launch towards May 2025 peaks if Bitcoin conquers the $108,000 – $109,000 citadel. Fail, and brace for a descent back to $104,000, where an unfilled CME gap awaits like a hungry ghost.
Amidst the swirling uncertainty, institutional faith in Bitcoin remains unshaken. MicroStrategy, led by Bitcoin evangelist Michael Saylor, just doubled down with a fresh purchase of 487 BTC for $49.9 million. This bold move swells their already massive hoard to a staggering 641,692 BTC, solidifying their position as a titan in the crypto space.
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