Bitcoin (BTC) and most major altcoins sold off along with global equity markets and crude oil on Nov. 26. The markets were roiled on news of a new coronavirus variant detected in South Africa that is worrying scientists due to its large number of mutations in the spike protein.

The sharp fall has resulted in cross-crypto liquidations of over $750 million over the 24-hour period but the funding rates across exchanges remain elevated. This suggests that the selling may not be over yet.

Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s monthly close for November is most likely not going to hit analyst PlanB’s worst-case scenario of $98,000. This will be the first miss after the model had accurately predicted the end-of-month price levels for August, September and October. However, the stock-to-flow model creator believes that the target objective of $100,000 for Bitcoin in this halving cycle still holds good.

Is the current decline a mouthwatering Black Friday deal or the start of a short-term bear phase? Let’s study the charts of the top 10 cryptocurrencies to find out.