Bitcoin Dumps Below $100K As Crypto-Related Stocks Plunge, Analyst Predicts Bullish Reversal for Cardano

Bitcoin has dropped under the $100,000 support for the third time in November, wiping out $700 million in long positions today. With the sell-off being sparked by a major decline across crypto-related stocks, analysts are considering whether the 4-year Bitcoin bull cycle could be coming to an end.

However, while the Cardano price is down by 7.5% over the last 24 hours, it has managed to hold on to the $0.500 support level. The popular trader, Sssebi has predicted that Cardano could see a bullish reversal that could push its price back to a high of $1. 

Is the Bull Cycle Ending As Bitcoin Drops Under $100K?

Although November has been crowned as one of the most bullish months to date in the history of Bitcoin, the top crypto has not managed to repeat the historic performance. This is the third occasion this month that the price of Bitcoin has gone down below the critical mark of $100,000 and got supported at $97,000.

The recent drop comes as many top crypto-related stocks plunged hard this week. For example, Cipher Mining is down by 14.4%, Riot Platforms and Hut 8 -13%, while MARA Holdings is down by over 10%. As a result of the massive price drop, more than $404 million worth of Bitcoin long positions have been liquidated, per CoinGlass.

With the bearish momentum over the last few weeks, crypto analyst Scott Melker has explained that Bitcoin is currently about 1,080 days into its major cycle move. Historically, bull markets peak at around 1,060 and 1,070. While this could mean that the Bitcoin bull cycle has ended, the analyst adds that BTC may have broken this pattern.

He adds that when the early selling pressure subsides, Bitcoin could begin following a more mature, liquidity-driven trajectory into 2026. This trend is further highlighted by Santiment, as the analytics firm explained that Bitcoin has entered a green FUD zone, which historically means buys are less risky than average.

Analyst Predicts Potential Bullish Reversal for Cardano 

The wider market decline has hit Cardano harder than many of the top altcoins. In the past 24 hours, Cardano has fallen by 7.5 percent. Although the decrease occurred, ADA bulls have been able to protect the support level of $0.500.

While the technical indicators of ADA are predominantly bearish, the crypto analyst Sssebi has predicted that Cardano could experience a bullish reversal soon. Cardano repeated the same pattern in June this year, which led to its price surging above $0.90, before eventually rallying above $1.

Similarly, Cryptoceek had predicted that the Cardano price would retest the all-important $0.500 support level. According to the analyst, if this level holds (which it has so far), a rebound could happen, with bulls aiming for $0.68 and $0.75. A drop below $0.5 could push the ADA price as low as $0.40. 

Key Takeaway

The crypto market decline today is sponsored by stronger macroeconomic factors. Consequently, leading cryptos such as Bitcoin and Cardano are at a critical position, which may result in recoveries or additional losses. Traders ought to monitor the responses of BTC and ADA at the $97,000 and $0.500 levels, which they would set as the next price targets of these cryptos.