Analyst: Bitcoin's current sell-off is primarily driven by leverage liquidation, suggesting to "buy in panic."

November 15 - Wellington-Altus strategy analyst James E. Thorne stated in a post that Bitcoin's "head and shoulders bottom" pattern remains intact, with the left shoulder near $59,000, the head near $57,000, and the right shoulder currently forming. Bitcoin next needs to first reclaim $73,000, then break through $87,000, to confirm this pattern.

If the pattern is confirmed, Thorne sees a mid-2027 target of $117,000, and expects Bitcoin to subsequently break through its historical high of $126,000, with a year-end target of $150,000 to $170,000. He believes this round of selling was mainly triggered by the liquidation of leveraged positions rather than a deterioration in fundamentals, and advocates buying amid panic. If Bitcoin falls below $57,000, the above judgment would be invalidated.