Gemini’s Cameron Winklevoss Flags Bitcoin’s Sub-$90K Level as Rare Buying Opportunity
Gemini co-founder Cameron Winklevoss said Investors said Tuesday they believe there may be a last chance to buy Bitcoin below $90,000 as the token falls below that level, erasing 2025 gains and reigniting debate about the cycle.
Bitcoin fell from the record It fell from $126,000 to $90,000 on October 6, erasing nearly $600 billion from its market value and sending prices back to levels last seen seven months ago. This move has revived the familiar bull and bear debate on cryptocurrency tables.
On one side, traders talk about cycle panic. With no single headline to trigger the selloff, many have returned to the four-year halving plan, although deep corporate flows have made this framework less orderly than in previous periods.
Macro conditions form the background. A lengthy government shutdown, persistent trade war concerns and weak liquidity have weighed on risk assets, leaving the cryptocurrency vulnerable to fluctuations in dollar strength, rate expectations and global growth sentiment.
Analysts say Bitcoin is now trading more like a macro asset rather than being purely supply-driven.
Leverage added fuel. The token has sold off sharply since nearly $19 billion worth of leveraged positions were liquidated last month; This was further strengthened by long-term owners making profits. The current correction occurs around 400 to 600 days after the halving in April 2024, when Bitcoin has typically peaked in past cycles.
On-chain data from mid-November shows major holders moving. Clusters of wallets holding more than 1,000 Bitcoins engaged in heavy selling, pushing the price from below $100,000 towards $97,000, a Bitunix analyst said, with both exchange and derivatives data pointing to synchronized selling pressure.
This analysis showed that whale short positions now exceed long positions, with on-chain metrics showing approximately $2.17 billion in short positions and $1.18 billion in long positions, and several consecutive weeks of net outflows from Bitcoin ETFs worth several billion dollars over five weeks.
Derivatives investors are buying protection with put options in the $90,000 to $95,000 range, indicating lower levels of hedge demand.
Reports from firms like Glassnode and MarketVector framed this move as a “planned distribution” by long-term holders rather than panic liquidation, but they also emphasized that the market’s ability to absorb this supply has weakened.
ETF redemptions and slower institutional allocation mean similar selloffs could now lead to sharper moves and trigger more gradual liquidations.
