Why Bitwise Thinks Bitcoin Still Hits $200,000 In 2026

CryptoQuant has reported that recent Bitcoin market downturns have been primarily driven by selling from US investors. The analysis highlights the 'Coinbase Premium Gap,' which indicates that Bitcoin is trading at lower prices on Coinbase compared to Binance, suggesting a significant selloff by American investors, particularly institutional ones.

In 2025, OG Bitcoin whales, defined as holders with assets older than seven years, have significantly increased their selling activity, according to analyst Charles Edwards of Capriole Investments. This trend marks a notable shift in the market dynamics as these long-term holders are engaging more actively in transactions, suggesting a potential change in investor sentiment and strategy within the cryptocurrency landscape.

Crypto prices fell sharply on November 21, with Bitcoin dropping to $85,310, marking a significant decline amid a broader market downturn. The total cryptocurrency market capitalization has fallen below $3 trillion for the first time since May, now estimated at approximately $2.95 trillion. Other major cryptocurrencies, including Ethereum, XRP, and Solana, also experienced declines, contributing to over $950 million in liquidations.

Dogecoin has experienced a significant decline, dropping below the $0.1550 mark against the US Dollar. The cryptocurrency is consolidating losses and may encounter resistance near $0.1560. Following a drop below the $0.150 level, Dogecoin's price has shown bearish trends, with a low recorded at approximately $0.1448. This decline mirrors the broader bearish sentiment affecting major cryptocurrencies like Bitcoin and Ethereum.

BlackRock's IBIT has sold $355 million in Bitcoin, indicating significant outflows from major ETFs. This trend may reflect investor caution and could impact market stability and future cryptocurrency investments.

Bitcoin enthusiasts reacted positively to US Treasury Secretary Scott Bessent's attendance at the opening of a Bitcoin-themed bar, interpreting it as a favorable sign for the cryptocurrency's future.

XRP price has entered a new decline, trading below $2.050 and struggling against resistance near this pivot level. The price fell below the $2.00 support level, forming a low at $1.957. Currently, XRP is consolidating losses below the 23.6% Fib retracement level of the recent downward move, indicating a bearish trend.

Ethereum's price has declined below $3,000, testing a low of $2,770. The cryptocurrency is currently attempting to recover but faces resistance around $2,880. A bearish trend line is forming with resistance at $3,050, and if Ethereum settles below the $2,800 zone, further declines may occur.