Bitcoin’s price plummeted to $82,000, wiping out $1.4 trillion from crypto markets. Bitwise’s André Dragosch sees opportunity in the crash, eyeing support at $81,000-$73,000. Investors pulled $3.7 billion from Bitcoin ETFs in November. Uncertainty around Fed actions, AI bubble fears, and crypto pessimism are driving the decline.

Fed uncertainty, AI bubble fears, and crypto-specific pessimism are causing Bitcoin to trade 30% below its October high. Investors are anticipating a rate cut in December, with odds at 70%. Nvidia’s fluctuating stock is impacting the AI trade and crypto markets. Lingering weakness from the October crash adds to the downward pressure.

Despite a $19 billion loss from the October crash, Dragosch believes the correction is typical for bull markets. Short-term holders are experiencing extreme pain, signaling a potential reversal. Dragosch awaits a clear catalyst, such as continued Fed quantitative easing or bond market instability, for a turnaround in Bitcoin’s fortunes.

Read more at Yahoo Finance: ‘Fire sale valuations’ on offer as Bitcoin price tumbles to $82,000, says Bitwise