After a few days back of fallout was under the previous all time high $99,645 on Nov. 22, Bitcoin (BTC) regains pace as trading moves emphasize. Despite over $500 million in liquidations during the downturn, the cryptocurrency seems primed for a shot at $100,000. This retreat didn’t spark mass panic selling like previous market corrections.
Bitcoin analysts say it will take time for the asset to rally back up, but are still bullish on its capacity to hold important support at $90,875, pointing to a potential consolidation phase before another rally. Byzantine General, a crypto expert, pointed out that the correction reset open interest levels to those original Bitcoin first saw when that currency crossed $90,000.
Bitcoin Resets Market Momentum
According to the analyst, BTC is expected to ‘take out the local highs’ and reach six figures. Similar sentiment was shared by Jelle, who says that he saw a breakout off a downward sloping trendline and an inverse head and shoulders pattern, both of which were seen as bullish signals.
At the same time, analyst Daan Crypto Trades said that Bitcoin’s recent price action seems to be following similar patterns this year, and could see further gains to $200,000 sometime in early 2025. Bitcoin’s rise from $69,000 on November 6 through to $97,150, a 40.8% gain in 25 trading days, underscores the digital coin’s resilience.
The rapid ascent though has raised concerns an overheated market. According to analysts, it was necessary to correct the $90,000 range to reset momentum and found a healthier foundation for further growth. It also gives retail investors, who have sat out during the rally, an opportunity to come back to the market to vie for demand.
The Bitcoin Fear & Greed Index now sits lower than extreme greed signaling more sustainable market sentiment. This could also shift broader cryptocurrency markets to steadier growth within the sector.
Some industry leaders have positive things to say about Bitcoin also looking further ahead, Pantera Capital’s Dan Morehead has projected a long term price target of $740,000 for BTC by 2028. Right now, BTC is trading at $97,150, which is up 1.4 percent over the previous 24 hours.
All eyes are on Bitcoin’s next move as it approaches the $100,000 milestone with analysts saying technical patterns and historical trends indicate it is due.
