Bitcoin had fallen to $75,000, and macro researcher Adam (@BTC__options) of Greeks.live described the market as fragile, according to a TechFlow report published on November 9, 2026. He suggested that several overlapping negative factors could make a round of leverage unwinding necessary.
Cycle outlook remains a forecast
Using a cycle-theory framework, Adam characterized 2026 as a year of transition from a bull market to a bear market. In his assessment, Bitcoin had not yet reached the low for the current cycle, and better trading opportunities might emerge in the first half of 2027. These were his conditional market views, not confirmed outcomes.
Options signal concern about further declines
Adam said the recent decline had pushed implied volatility (IV) noticeably higher, which he interpreted as reflecting market concern about additional downside.
He also warned that, if AI stocks crashed, all speculative markets would face a severe shakeout. That warning was conditional; the report did not describe such a crash as having occurred.
Original source: TechFlow, published November 9, 2026, at 22:43:49 (UTC+8).