As the crypto market continues to navigate its latest price fluctuations, analysts remain optimistic about Bitcoin’s prospects, predicting that the asset will reach six figures before the end of the year.
A Brief Look at the Market
On November 22nd, Bitcoin reached an all-time high of $99,645, only to pull back almost 7% and hit an intraday low of $92,775 on November 26th. However, the asset quickly recovered, trading at around $94,600 by the time of writing.
Analysts Weigh In
According to Markus Thielen, founder and CEO of 10x Research, Bitcoin’s recent dip can be attributed to traders anticipating a decline in implied volatility ahead of the Thanksgiving weekend. He noted that Bitcoin has a historical tendency to weaken toward the end of the month, which is "helping to alleviate its overbought technical condition."
Thielen also pointed out 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. This, he believes, could impact high-risk assets like Bitcoin.
A Bullish Outlook
Despite these short-term headwinds, Thielen remains bullish for the coming weeks and months. "We remain confident that Bitcoin will surpass the $100,000 milestone within the coming weeks, maintaining a bullish outlook for 2025," he said.
This 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 referred to the recent pullback as the "flush before the rush."
A Healthy Correction?
Head of finance and crypto analyst at BTC Markets, Charlie Sherry, believes that Bitcoin’s recent drop to $93,000 is part of its historical pattern of sharp gains followed by healthy corrections. According to Sherry, such pullbacks demonstrate a cyclical pattern that allows the market to consolidate gains and reduce leverage before advancing further.
Sherry predicted that this could be a final flush before Bitcoin hits six figures. "The dip to $92,600 aligns with this trend, suggesting it could be the ‘last flush’ before Bitcoin finally crosses $100K," he said.
However, 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. A deeper correction between 20% and 30% could take Bitcoin closer to $80,000, a level still consistent with prior bull market behavior.
Polymarket’s Odds
Blockchain betting platform Polymarket has placed odds of 72% that BTC will hit $100,000 before Christmas. Sherry referred to these odds and added, "I like those odds."
ZX Squared Capital’s Outlook
CK Zheng, co-founder of ZX Squared Capital, believes that $100,000 is a strong resistance level for Bitcoin in the near term. He suggested that 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.
Zheng expects the pullback to be relatively shallow, providing a great entry point for new long-term investors. "A 20% pullback will provide a great entry point for new long-term investors," he said.
The Road Ahead
As the crypto market continues to navigate its latest price fluctuations, it is clear that analysts remain bullish about Bitcoin’s prospects. With a predicted $100,000 milestone within the coming weeks and months, investors would do well to take note of these predictions.
In conclusion, while the recent pullback may seem daunting, analysts are optimistic about Bitcoin’s future prospects. Whether or not this optimism pans out remains to be seen, but one thing is certain: the crypto market will continue to evolve and adapt in the coming weeks and months.
Related Reading
- Bitcoin Price Slips to $93K as Liquidations Soar and Long-Term BTC Holders Take Profit
- Is Bitcoin Heading Back to $90K? Solana ETFs, and More: Hodler’s Digest
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