Bitcoin (BTC) Plunges After Hitting $100,000 Milestone, ETH (ETH) Rises Above $3,950

Bitcoin sharply fell on Thursday after its $100,000 milestone, even as other leading cryptocurrencies edged higher.

Bitcoin dropped sharply on Thursday after hitting a high of $100,000 a day earlier, even as other leading cryptocurrencies edged higher.

What Happened: The world’s largest cryptocurrency dropped to $91,990 in a flash fall, before recovering to $97,000 overnight.

Ethereum rose above $3,950 for the first time since mid-March, before dropping into the $3,800 zone later in the day.

The crash triggered cryptocurrency liquidations worth $969 million in the last 24 hours, out of which $774 million were in leveraged longs that got wiped out.

The liquidation of overleveraged longs cooled down the market as funding rates dropped significantly.

Traders saw this as a bullish sign, as accounts on Binance placing long positions for Bitcoin surged sharply in comparison to those betting against the asset, as per the Long/Shorts Ratio.

The market sentiment dropped from "Extreme Greed" to "Greed," as per the Cryptocurrency Fear & Greed Index, alleviating fears of more correction.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.57 trillion, following a slender increase of 0.10% in the last 24 hours.

Stocks snapped their record-breaking run Thursday. The Dow Jones Industrial Average fell 248.33 points, or 0.55%, to close at 44,765.71. The S&P 500 dropped 0.19% to end at 6,075.11, while the tech-focused Nasdaq Composite closed down 0.17% at 19,700.72.

Cryptocurrency-related stocks like MicroStrategy Inc. (NASDAQ:MSTR) gave up on early advances, plunging 4.8% during the regular trading session.

Investors now looked forward to the all-important November employment data on Friday, which will offer more insight into the Federal Reserve’s decision on a potential rate cut at its Dec. 18 meeting.

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Analyst Notes: Well-known analyst and trader Michaël van de Poppe took note of Bitcoin's slump after the $100,000 milestone, projecting another to come in the days ahead.

"Expecting another one to come, but this is what is likely going to happen more often in the markets," he stated.

Van de Poppe urged his followers to hold on to their positions and buy dips.

There we go, #Bitcoin fell beneath $98K and creates the first significant drop.#Bitcoin even reaches $90K in that flash drop.Expecting another one to come, but this is what is likely going to happen more often in the markets.Stay calm. Hold your positions.

Buy dips.

Cryptocurrency analyst Ali Martinez drew attention to Bitcoin's historical movements between market tops and market bottoms.

"In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days," Martinez said.

Should the pattern repeat, he projected Bitcoin's market top in Oct. 2025 in the ongoing cycle.

Coincidence, or is it just how #Bitcoin works? In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days.If this pattern repeats again, $BTC will reach a market top in Oct 2025! pic.twitter.com/MUStj836Fw

Photo by CMP_NZ on Shutterstock

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