Yeliz Akmaca 
Bitcoin has slipped below the $100,000 mark once again, deepening the bearish sentiment across the crypto market. According to the latest Bitcoin analysis by CryptoQuant, if the key support fails to hold, the price could decline to the $72,000 level within 1–2 months. This scenario is supported by a drop in institutional risk appetite and weakening spot market demand, bringing the question “Will Bitcoin fall further?” back into focus.
CryptoQuant Bitcoin Analysis: Demand is Weakening
CryptoQuant Head of Research Julio Moreno stated, “If Bitcoin fails to hold above $100,000, the risk of a drop to $72,000 becomes more likely.” He attributes this primarily to the lack of recovery in demand after the record liquidation on October 10, where $20 billion worth of leveraged positions were wiped out.
Capital outflows from U.S. Bitcoin ETFs, a negative Coinbase premium, and declining spot demand are reinforcing this downward pressure. Market sentiment has also deteriorated, with the CryptoQuant Bull-Bear Score Index dropping to 20, signaling strong bearish momentum.
ETF data further reflects this weakness. As of November 4, Bitcoin ETFs recorded a net outflow of $577.74 million, while Ethereum ETFs saw $219.37 million in outflows. In contrast, Solana spot ETFs recorded $14.83 million in net inflows — their sixth consecutive day of positive movement. This indicates a shift from large-cap assets toward riskier alternatives.
How Far Could Bitcoin Fall?
Bitcoin has dropped more than 5.2% in the last 24 hours, trading around $100,800. The GMCI 30 Index declined over 9% in a single day, pointing to a broad risk-off sentiment in the crypto market.
Meanwhile, Standard Chartered analyst Geoffrey Kendrick referred to the correction as “inevitable” but noted that Bitcoin could recover if macroeconomic conditions turn favorable.
Factors Increasing Market Pressure
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Fund outflows from crypto ETFs
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Negative Coinbase spot premium
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Global risk aversion and interest rate uncertainty
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Weak demand and long-term holders selling
Is the $72,000 Scenario Permanent?
Gerry O’Shea, Head of Market Insights at Hashdex, highlighted rising volatility due to interest rate decisions, credit market stress, and equity valuations. However, despite the current drawdown, he emphasized that the long-term outlook for BTC remains intact.
Continued institutional adoption, strong ETF inflows throughout the year, and expectations that the Federal Reserve may end tightening could pave the way for new all-time highs. While $100,000 acts as a psychological support, Bitcoin’s long-term investment narrative remains unchanged.
Short-Term Risk, Long-Term Opportunity
If Bitcoin loses the $100,000 support zone, the risk of a move toward $72,000 strengthens. However, on-chain data, institutional demand, and liquidity indicators suggest that new highs remain possible in the medium to long term. While the current decline fuels fear, CryptoQuant’s Bitcoin analysis clearly defines a strategic decision point for investors.
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