Analysts Remain Optimistic Despite the Dip
Bitcoin has seen a 7% correction in recent days, dropping below $93,000. However, analysts believe this decline is temporary and expect the cryptocurrency to surpass $100,000 by the end of the year.
On November 22, Bitcoin hit an all-time high of $99,645, only to fall to $92,775 shortly afterward. As of this writing, it has partially recovered, trading at around $94,600.
Consolidation Before the Next Rally
According to Markus Thielen, founder of 10x Research, Bitcoin is currently consolidating, which is typical ahead of extended holiday weekends like Thanksgiving. He noted that Bitcoin often weakens at the end of the month, helping to ease its overbought technical state.
Thielen added that stable interest rates from the Federal Reserve could impact risk assets, but he remains optimistic:
“Bitcoin will surpass $100,000 in the coming weeks and maintain a bullish outlook into 2025.”
“Flush Before the Rush”
Trader and analyst Bluntz shares a similar sentiment, stating:
“I think prices won’t drop as low as some people expect.”
Other experts have described the recent dip as the “final flush” before the anticipated surge. Charlie Sherry from BTC Markets commented that the current drop aligns with historical patterns of sharp gains followed by corrections, which consolidate gains and reduce leverage.
“The drop to $92,600 fits this pattern, suggesting it could be the last flush before reaching six-figure prices.”
Risk of Further Decline
Sherry cautioned that if the decline continues, Bitcoin could test support levels between $88,000 and $90,000. In the case of a deeper correction of 20–30%, Bitcoin might even reach $80,000, which would still align with previous bull market behavior.
Probability of Reaching $100,000
According to blockchain betting platform Polymarket, there is approximately a 72% probability that Bitcoin will hit $100,000 before Christmas.
CK Zheng, co-founder of ZX Squared Capital, noted that the $100,000 level represents a strong psychological resistance, where some long-term holders may consider reducing their exposure.
Zheng also believes that a 20% correction would create an attractive entry point for new investors and anticipates Bitcoin breaking past $100,000 in the coming months. He highlighted the potential for pro-crypto regulations under the new U.S. administration, which could further fuel growth.
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