FameEX Hot Topics | Bitcoin Analysts Describe Recent $93K Dip as the ‘Last Flush’ Before the Rally

Crypto market analysts remain optimistic that Bitcoin will surpass $100,000 by the end of the year, despite a recent 7% correction. Bitcoin experienced a pullback from its all-time high of $99,645 on November 22, dipping to an intraday low of $92,775 on November 26. However, the cryptocurrency quickly recovered, trading around $94,600 at the time of writing. Analysts continue to believe that Bitcoin is on track for significant gains in the coming weeks.

Markus Thielen, founder and CEO of 10x Research, expects the recent correction to be short-lived. He explained that Bitcoin is currently consolidating ahead of the Thanksgiving weekend, as traders anticipate a decline in implied volatility. Thielen noted that Bitcoin tends to weaken toward the end of the month, which helps alleviate its overbought technical condition. This pattern, he explained, could make the current pullback part of a natural market cycle.

Despite potential short-term challenges, including macroeconomic factors like rising interest rates, Thielen remains bullish on Bitcoin's long-term prospects. He pointed out that strong economic growth data and the possibility of the Federal Reserve keeping interest rates steady in December could positively impact high-risk assets like Bitcoin. Thielen expressed confidence that Bitcoin will hit the six-figure mark soon, with a continued positive outlook for 2025.

This view was echoed by well-known trader and analyst ‘Bluntz,’ who shared with his 298,000 followers on X that he believes Bitcoin is heading upward and will not fall as low as some analysts predict. Bluntz's optimism adds weight to the belief that the recent dip is only a temporary phase in an ongoing bull market.

Charlie Sherry, head of finance and crypto analyst at BTC Markets, also weighed in on the correction. Sherry explained that Bitcoin's recent drop to $93,000 is part of a historical pattern of sharp gains followed by healthy corrections. These pullbacks, he said, allow the market to consolidate gains and reduce leverage before the next upward movement.

Sherry suggested that the recent dip could be the "last flush" before Bitcoin crosses $100,000. However, he cautioned that if the pullback deepens, Bitcoin could test key support levels between $88,000 and $90,000. A correction of 20% to 30% could bring Bitcoin closer to $80,000, a level that aligns with prior bull market behavior. Despite these potential risks, analysts remain confident that Bitcoin’s long-term trajectory is bullish and that the asset will reach six figures soon.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.