Bitcoin Analysts Predict Six-Figure Milestone Despite Recent Dip Below $93K

BTC Overbought Signals Cool Off as Bitcoin Analysts Eye Six-Figure Breakout

Experts in the cryptocurrency sector predict that Bitcoin’s latest decline below $93,000 will be temporary and that the asset will still hit six figures before the year ends. At its all-time high of $99,645, on November 22, Bitcoin has retreated about 7%, reaching an intraday low of $92,775 in early trading on November 26. However, the asset bounced back to trade at about $93,672 when writing, and analysts are still optimistic about the rest of the year.

Bitcoin is consolidating ahead of the long Thanksgiving weekend, as traders anticipate a decline in implied volatility,

10x Research founder and CEO Markus Thielen

He said that Bitcoin‘s overbought technical state is being lessened by its historical propensity to decrease toward the end of the month. Although he remained optimistic for the upcoming weeks, he acknowledged that the Federal Reserve might surprise markets by keeping interest rates unchanged in December due to larger macroeconomic considerations, such as robust economic growth figures, which would affect high-risk assets. Trader and analyst Bluntz reinforced the view, telling his followers, “I think up from here, and it ain’t going as low as people think.”

Will Bitcoin Hit $100K? Expert Highlights Critical Support Levels and Cyclical Trends

According to Charlie Sherry, head of finance and crypto analyst at BTC Markets, Bitcoin’s recent decline to $93,000 can be best explained as continuing its historical trend of steep increases followed by sound corrections. He projected that this might be the last flush before it reaches six digits, saying that such pullbacks show a cyclical pattern that enables the market to consolidate gains and lower leverage before moving further forward.

The dip to $92,600 aligns with this trend, suggesting it could be the ‘last flush’ before Bitcoin finally crosses $100K.

Sherry

According to recent market activity, the $88,000 to $90,000 area represents important support levels, and Sherry warned that if the decline intensifies, Bitcoin may test these levels. Regarding the 72% chance that Bitcoin will reach $100,000 before Christmas, he said, “I like those odds” on the blockchain betting platform Polymarket.

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