According to CoinGlass data, nearly $870 million was liquidated from the cryptocurrency market in the last 24 hours. The liquidation is also reflected in the falling prices of almost all major crypto assets. Bitcoin (BTC) is struggling to regain the $109,000 price level, and the global crypto market cap has fallen to $3.77 trillion. Let’s discuss if the crypto market will recover soon or if we have entered a bear market.
Will The Crypto Market Recover, Or Are We in a Bear Market?
Many expected the crypto market to rally after the Federal Reserve announced an interest rate cut earlier this week. However, the market instead took a turn for the worse. Federal Reserve Chair Jerome Powell’s slow economic growth and rising inflation warnings may have spooked investors away from risky assets, such as cryptocurrencies. Investors may take a step back as the chances of another rate cut have dropped significantly.
The cryptocurrency market also faced its most significant single-day liquidation in early October. 2025 seems to have gone against the historical pattern, where October is generally considered bullish.
CoinCodex analysts anticipate Bitcoin’s (BTC) price to recover in early November. The platform expects BTC to rally to $124,680 before facing another correction to the $112,000 price level. The original cryptocurrency’s price will rally by about 13.9% if it hits the $124,680 target.
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Bitcoin (BTC) reclaiming the $120,000 price level may also trigger a market-wide rebound. Other cryptocurrencies may also follow BTC’s trajectory. However, nothing is guaranteed. The crypto market is still quite fragile, and fresh volatility could lead to violent price swings. Moreover, trade disputes and fears of slow economic growth continue to plague the global economy. The cryptocurrency market may not make a positive rebound until the global economy settles down. How things unfold is yet to be seen.