Bitcoin Slumps Nearly 20% From All-Time High

Bitcoin had a rough week, with the token briefly slipping below $100,000 — its lowest level in six months.

Bitcoin is struggling to find support after breaking below the $117,000 and then $112,000 levels.

On Friday, the world’s largest cryptocurrency was trading as much as 20% off its all-time high of above $126,000, notched on Oct. 6, Ines Ferré reported for Business Insider.

Wall Street analysts attributed the slide to early adopters offloading large holdings. Since late June, net sales from long-term holders have exceeded 1 million bitcoin, according to research from Compass Point analyst Ed Engel.

A massive liquidation of leveraged crypto positions on Oct. 10 also weighed on the market, with bitcoin struggling to find support after breaking below the $117,000 and then $112,000 levels.

“We haven’t really reclaimed this level since then, and I think that’s a sign we are, unfortunately, in a bear market,” Markus Thielen, founder and CEO of Singapore-based 10X Research, told Yahoo Finance on Friday morning.

Thielen’s firm, which last month predicted bitcoin would fall to $100,000, now expects the market may still be “a few weeks away” from reaching a buyable bottom. “I think there’s this brief risk where we could correct quite a bit more,” he added.