Originally published on: November 26, 2024
According to analysts in the crypto market, Bitcoin’s recent drop below $93,000 is just a temporary setback, and the leading cryptocurrency is still poised to reach six figures by the end of the year.
Following a nearly 7% retreat from its all-time high of $99,645 on Nov. 22, Bitcoin briefly dipped to $92,775 before bouncing back to trade around $94,600. Despite this pullback, experts remain optimistic about Bitcoin’s performance in the coming weeks.
Markus Thielen, the founder and CEO of 10x Research, believes that Bitcoin is currently consolidating and anticipates a decrease in implied volatility as traders gear up for Thanksgiving weekend. He noted that historical trends suggest Bitcoin tends to weaken at the end of the month but remained confident about its long-term outlook.
Echoing this sentiment, trader Bluntz expressed bullishness on Bitcoin, predicting that the current pullback is just a “flush before the rush.”
Meanwhile, Charlie Sherry, head of finance and crypto analyst at BTC Markets, emphasized that corrections like the recent drop to $93,000 are a normal part of Bitcoin’s market cycle. He sees this as a necessary step for the cryptocurrency to consolidate before making further gains, hinting that this could be the final dip before Bitcoin surpasses the six-figure mark.
While Sherry acknowledged the possibility of a deeper correction to key support levels around $88,000 to $90,000, he remains optimistic about Bitcoin’s upward trajectory. Referring to Polymarket’s odds of BTC hitting $100,000 before Christmas, he expressed confidence in those odds.
Looking ahead, CK Zheng, co-founder of ZX Squared Capital, highlighted $100,000 as a significant resistance level for Bitcoin in the near term. He pointed out that certain long-term holders may consider reducing their exposure at this price point, but he expects Bitcoin to eventually surpass this milestone in the coming months.
Overall, analysts are bullish on Bitcoin’s prospects, citing historical patterns, macroeconomic factors, and regulatory developments as factors driving the cryptocurrency towards new highs. As the market continues to evolve, all eyes are on Bitcoin’s next move towards the coveted six-figure mark.
