Originally published on: November 27, 2024
Bitcoin enthusiasts are eagerly awaiting the moment when the leading cryptocurrency reaches the monumental $100,000 mark for the first time. However, according to analysts, a correction of up to 30% may be on the horizon before Bitcoin can continue its upward trajectory.
Currently trading over 7% lower than its all-time high of nearly $99,800, Bitcoin is experiencing a slight setback. Despite this dip, experts remain confident that the six-figure milestone is within reach, although a deeper retracement may be necessary to pave the way.
Ryan Lee, the chief analyst at Bitget Research, suggests that Bitcoin could potentially correct by 30% from its recent peak, dropping below $70,000. While historical chart patterns are not foolproof indicators of future performance, a significant correction could be in the cards before Bitcoin resumes its bullish momentum.
On the flip side, Anndy Lian, an author and blockchain expert, believes that Bitcoin is poised to surpass $100,000 in the near future, mitigating concerns about the current correction’s longevity. Additionally, a recent drop in investments in US spot Bitcoin exchange-traded funds (ETFs) has contributed to the price decline, with net outflows exceeding $122 million.
Despite these temporary setbacks, analysts at Bitfinex expect a correction of up to 20% but remain optimistic about the future outlook. They anticipate that MicroStrategy’s recent $2.6 billion note sale and renewed ETF buying activity will propel cryptocurrencies to new all-time highs by 2025.
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