Bitcoin Price Fluctuations: Analysts Predict Future Trends

Bitcoin is currently experiencing significant price fluctuations, with recent analysis indicating a potential rebound. According to Cointelegraph, the Puell Multiple, a key metric tracking miners' daily revenue against the annual average, suggests that Bitcoin has entered a discount zone. This follows a drop to approximately $80,500, which analysts like Gaah from CryptoQuant believe presents a prime buying opportunity. As the Puell Multiple fell to 0.86, the market is indicating that Bitcoin is undervalued, a condition historically preceding price rallies. Notably, the last time the Puell Multiple was this low was in April 2025, when Bitcoin experienced a significant rally reaching near $112,000.

Additionally, Bitcoin's MVRV Z-Score, which compares market value to realized value while adjusting for volatility, has also hit a two-year low, currently at 1.13. This metric indicates that the Bitcoin price may be nearing a local bottom, as similar levels in late 2023 led to an 80% price rally. Recent data shows Bitcoin has seen a slight recovery from its local lows, rising 8.6% from $80,500 to around $87,200, with a bullish flag pattern suggesting a possible short-term target of $96,800.

However, some analysts caution against overly optimistic predictions. Veteran trader Peter Brandt warned that the recent rebound might only be a temporary bounce, potentially leading to another dip below $80,000, a scenario termed a ‘dead cat bounce.’ This comes amidst a notable decline in Bitcoin’s price, which is projected to be on track for its worst November since 2018, with a 20% decrease so far this month. Cointelegraph reported that Bitcoin's performance in November echoes past bear markets, raising concerns about its future trajectory.

Analysts from Bitfinex noted that Bitcoin is on track to close November in the red, with the price trading significantly lower than at the beginning of the month. Despite this, some indicators suggest that demand could return soon, with whale interest gradually increasing. The report highlighted that the number of wallets holding at least 100 Bitcoin has risen, indicating a possible resurgence in demand among larger holders.

Furthermore, CryptoQuant's analysis found that while the market appears to be stabilizing, significant selling from the 1,000 to 10,000 BTC whale cohort is preventing a full confirmation of a bullish trend reversal. Analyst James Check mentioned that further leverage could still be flushed out, with a potential fall to the $70,000 to $80,000 zone before a sustainable rebound occurs. Analysts like Augustine Fan also emphasize that while the market shows signs of being oversold, the critical support level remains around $78,000.

In conclusion, while there are optimistic indicators suggesting a potential rebound for Bitcoin towards $96,000, caution remains warranted due to the possibility of further dips and market instability, particularly as we approach the end of November and into December, a historically quieter month for Bitcoin.