Bitcoin investors may face more pain as analyst James Check warns of potential further liquidations. The recent market meltdown was described as a “2-sigma long liquidation event,” with leverage being wiped out. Bitcoin dropped over $24,000 in just ten days, hitting a seven-month low of around $82,000 on Nov. 21.

Despite last week’s sell-off, crypto markets may have found a local bottom, according to Augustine Fan, head of insights at SignalPlus. Prices are likely to have seen local lows for now, with potential range between $82,000 and $92,000. Bitcoin whales are still distributing BTC, hindering a full confirmation of a trend reversal.

Blockchain data provider CryptoQuant sees a potential rebound after identifying a local bottom. On-chain data suggests institutional redistribution and structural weakness in the market. The 1,000 to 10,000 BTC whale cohort is still selling, preventing a clear confirmation of a trend reversal. The end of the bearish phase depends on a shift in whale behavior.

Read more at Cointelegraph: Bitcoin Analyst Warns More Liquidations Could Push BTC Lower