Crypto market analysts say Bitcoin’s recent dive below $93,000 will be short-lived and the asset is still on track to reach six figures before the end of the year.
Bitcoin (BTC) has pulled back almost 7% from its Nov. 22 all-time high of $99,645, hitting an intraday low of $92,775 during early trading on Nov. 26. Still, the asset recovered to trade at around $94,600 at the time of writing and analysts remain bullish for the remainder of this year.
“Bitcoin is consolidating ahead of the long Thanksgiving weekend, as traders anticipate a decline in implied volatility,” 10x Research founder and CEO Markus Thielen told Cointelegraph on Nov. 26.
He added that Bitcoin has a historical tendency to weaken toward the end of the month, which is “helping to alleviate its overbought technical condition.”
He said that broader macroeconomic factors, such as strong economic growth data, could result in the Federal Reserve surprising markets by holding interest rates steady in December, impacting high-risk assets, but he remained bullish for the coming weeks.
“Despite these short-term headwinds, we remain confident that Bitcoin will surpass the $100,000 milestone within the coming weeks, maintaining a bullish outlook for 2025.”
The sentiment was echoed by trader and analyst Bluntz who told his 298,000 X followers, “I think up from here and it ain’t going as low as people think.”
Others on X called it the “flush before the rush.”
Source: Bluntz
Meanwhile, head of finance and crypto analyst at BTC Markets, Charlie Sherry, told Cointelegraph that Bitcoin’s recent drop to $93,000 is “best understood as part of its historical pattern of sharp gains followed by healthy corrections.”
He said such pullbacks “demonstrate a cyclical pattern that allows the market to consolidate gains and reduce leverage before advancing further,” and predicted that this could be a final flush before it hits six figures.
“The dip to $92,600 aligns with this trend, suggesting it could be the ‘last flush’ before Bitcoin finally crosses $100K.”
Sherry cautioned that if the pullback deepens, BTC could potentially test the $88,000 to $90,000 range, which represents key support levels based on recent price action.
“However, a deeper correction between 20% and 30% could take Bitcoin closer to $80,000, a level still consistent with prior bull market behavior,” he added.
He referred to blockchain betting platform Polymarket’s 72% odds of BTC hitting $100,000 before Christmas, adding, “I like those odds.”
Related: Bitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit
ZX Squared Capital co-founder CK Zheng said that $100,000 is a strong resistance level for Bitcoin in the near term. “Certain long-term holders may choose to reduce their Bitcoin exposures at this psychological barrier and the market may be in a consolidation phase after the gigantic move post the US election,” he told Cointelegraph, before saying:
“We believe the pullback is a healthy one, but the extent of the pullback will be quite shallow. A 20% pullback will provide a great entry point for new long-term investors.”
Zheng said that the firm expects Bitcoin to break the $100,000 milestone “in the next few months” as the new Trump government will push for crypto-friendly rules and regulations in the United States.
Additional reporting by Brayden Lindrea.
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