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Bitcoin has pulled back from its recent all-time high of $99,645, hitting an intraday low of $92,775 on November 26, sparking debates among analysts about the asset’s trajectory. While the cryptocurrency now trades at around $94,600, market experts maintain a bullish outlook, forecasting a historic six-figure breakthrough before the year’s end.
Markus Thielen, CEO of 10x Research, attributes the pullback to seasonal trends. “Bitcoin tends to weaken toward the end of the month, which helps alleviate its overbought technical condition,” Thielen explained. He also pointed to broader economic factors, suggesting that the Federal Reserve might hold interest rates steady in December, influencing risk assets like Bitcoin. Despite this, he remains optimistic: “We expect Bitcoin to surpass $100,000 in the coming weeks, signaling a strong start for 2025.”
Other analysts echo this sentiment. Prominent trader Bluntz described the dip as the “flush before the rush” to his 298,000 X followers, signaling anticipation for a bullish rebound.
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Bitcoin Healthy Corrections Before the Big Leap
Charlie Sherry, head of finance and crypto analyst at BTC Markets, described the recent pullback as part of Bitcoin’s “historical pattern of sharp gains followed by healthy corrections.” He believes such dips are crucial for consolidating gains and reducing market leverage.
Sherry identified the $88,000 to $90,000 range as a critical support zone, cautioning that a more significant correction could bring Bitcoin closer to $80,000—a level consistent with previous bull cycles. “This dip aligns with historical trends, suggesting it could be the ‘last flush’ before Bitcoin finally crosses $100K,” Sherry added.
Meanwhile, blockchain betting platform Polymarket places a 72% probability of Bitcoin surpassing $100,000 before Christmas. “I like those odds,” Sherry quipped.
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Regulatory Hopes
CK Zheng, co-founder of ZX Squared Capital, pointed out the psychological resistance at $100,000. “Long-term holders might take profits near this milestone, potentially leading to a consolidation phase,” Zheng noted. However, he remains confident in Bitcoin’s upward trajectory, citing the incoming U.S. administration’s likely crypto-friendly stance.
“The pullback is healthy,” Zheng concluded, “and a 20% correction would create an excellent entry point for new long-term investors.” With the combined optimism of analysts and favorable market conditions, Bitcoin seems poised to hit unprecedented heights in the near future.
