Bitcoin Near $97,000 as Analyst Revisits 2022 Buy Zone Call – Is Now the Best Time to Buy?

Bitcoin dips to a six-month low after recent highs as crypto analyst Income Sharks reexamines a 2022 sub-$20K buy zone chart.

Bitcoin is trading at $97,242 amid a turbulent month that has seen the premier crypto asset swing between $97K and $111K. BTC began November near $110K but could not sustain the rally, retracing to levels last seen in May.

Over the past 24 hours, Bitcoin has declined by 6.2%, further extending its monthly loss to 13.6%. The current price is roughly 23% below its all-time high of $ 127,000, recorded in early October.

Interestingly, since the 2022 low of $17K, Bitcoin has surged 471%, demonstrating its resilience through multiple cycles and reinforcing lessons from historical market behavior

Today, the analyst has confirmed that the market bottoms often feel like the worst time to buy, yet they frequently become the smartest opportunities. He says this as BTC drops to another low that many believe could be a golden entry opportunity.

Bitcoin Current Structure and Prediction

Meanwhile, CryptoQuant founder Ki Young Ju noted that Bitcoin whales have been selling since prices surpassed $100,000, contributing to the recent downward pressure. Additionally, Bitcoin ETFs experienced $963.7 million in net outflows over the past nine trading days, starting with BTC’s surge to $115,000 on October 28.

Despite a likely end to the 2025 bull cycle, he suggested that institutional support and ETFs can help cushion the market with favorable macroeconomic conditions, making current levels a potential buying opportunity.

Similarly, CryptoQuant analyst Moreno highlights that Bitcoin is in a liquidity setup often seen before major rallies. Even with bearish trends and cautious market sentiment, current conditions could offer favorable entry points for traders.