Bitcoin’s recent decline is a natural correction within the broader market cycle, with downside risk remaining manageable according to analysis by JPMorgan. The bank maintains its long-term price prediction of around $170,000. Analysts led by Nikolaos Panigirtzoglou attributed this rise in Bitcoin’s price to the historical support level of approximately $94,000. The estimated production cost for Bitcoin has increased from earlier estimates as network difficulty soared in recent months, ultimately raising mining costs. JPMorgan notes that the ratio between market price and production cost currently hovers just above 1.0, putting it within its long-term historical range. The bank categorizes current levels as an accumulation zone rather than a sign of exhausted market conditions. Today’s decline for Bitcoin briefly fell to $96,000, marking the first time since May that we see a similar low point, although this movement is occurring alongside a broader downward trend in the cryptocurrency market. A notable example of the impact of recent market trends was seen on November 13th when Bitcoin ETFs saw net outflows of $870 million, the second largest single-day withdrawal since the Bitcoin ETF went live. These outflow events, followed by various changes across altcoin ETFs such as Ethereum ($259.7 million), Solana (+ $1.4 million) and XRP (+ $58 million), indicate that market volatility is impacting the broader landscape. The pullback follows a period marked by fluctuating macro signals. Despite the end of the U.S. government shutdown and continued strength in traditional stock markets, crypto assets have struggled to regain momentum and have received increased attention from analysts.