Capital markets commentator The Kobeissi Letter declared Tuesday that Bitcoin (CRYPTO: BTC) has entered a bear market, marking a 20% decline from its recent record high.
Most Exciting Market?
In an X post, Kobeissi Letter stated, “Bitcoin officially enters bear market territory, now down -20% since its record high seen on October 6th.”
Interestingly, it followed the statement by saying that this is the “most exciting” market in history.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
BTC Sinks Below $100,000
The remark comes in the wake of Bitcoin’s crash below $100,000, as the apex cryptocurrency plunged to levels not seen in six months.
“Extreme Fear” engulfed the market, according to the Crypto Fear & Greed Index, a sign that investors are too worried.
Andrew Lokenauth, a widely followed financial analyst, echoed the gloomy sentiment, predicting a bear market for the leading cryptocurrency in 2026.
Over $640 million in Bitcoin derivatives was wiped out in the last 24 hours, according to Coinglass, with bullish longs accounting for the vast bulk. Technical indicators flashed a “Strong Sell” for the asset, according to TradingView.
On-chain analytics firm Santiment, however, noticed a sharp jump in bearish social media commentary on Bitcoin, adding that many traders are still “buying dips with confidence.”
Price Action: At the time of writing, BTC was exchanging hands at $102,068.83, down 4.60% in the last 24 hours, according to data from Benzinga Pro.
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