Bitcoin Analysts See Recent $93K Dip as ‘Last Flush’ Before the Surge to $100K

Despite Bitcoin’s recent 7% correction to below $93,000, analysts remain confident that the cryptocurrency is still on track to surpass $100,000 before the end of the year. The dip, which took Bitcoin from its Nov. 22 all-time high of $99,645 to an intraday low of $92,775 on November 26, is being viewed by many as a temporary pullback rather than a trend reversal.

As of writing, Bitcoin has recovered to around $94,600, and market experts are maintaining their bullish outlook for the coming weeks.

Bullish Sentiment Amid Market Consolidation

Markus Thielen, CEO of 10x Research, noted that Bitcoin is currently consolidating as traders anticipate a drop in implied volatility ahead of the Thanksgiving weekend. Thielen also pointed out that Bitcoin often weakens toward the end of the month, helping to ease its overbought technical conditions. While macroeconomic factors like strong economic growth could lead to the Federal Reserve holding interest rates steady in December, Thielen remains optimistic.

“We are confident that Bitcoin will surpass the $100,000 mark in the coming weeks, and we maintain a positive outlook for 2025,” Thielen told Cointelegraph on November 26.

This sentiment was echoed by trader and analyst ‘Bluntz,’ who shared with his 298,000 followers on X, “I think Bitcoin is going up from here, and it’s not going as low as many expect.” Many on social media are calling the recent dip the “flush before the rush,” suggesting that the market is gearing up for a strong rally.

Historical Patterns and Healthy Corrections

Charlie Sherry, Head of Finance and Crypto Analyst at BTC Markets, described the recent drop to $93,000 as part of Bitcoin’s typical market cycle of sharp gains followed by healthy corrections. He explained that these pullbacks help the market consolidate and reduce leverage before advancing further, and that the recent dip could be the “last flush” before Bitcoin surges past $100,000.

“Bitcoin’s dip to $92,600 aligns with this cyclical pattern, suggesting it could be the final correction before we see a push toward six figures,” Sherry stated. However, he cautioned that if the pullback deepens, Bitcoin might test key support levels between $88,000 and $90,000. A deeper correction of 20% to 30%, he added, could bring Bitcoin closer to the $80,000 mark, a level that would still align with typical bull market behavior.

Optimistic Odds for $100K By Christmas

Sherry also referenced Polymarket’s betting platform, which places the odds of Bitcoin hitting $100,000 before Christmas at 72%. He expressed confidence in these odds, stating, “I like those odds,” and reinforcing the belief that the current pullback is part of a healthy market correction.

CK Zheng, co-founder of ZX Squared Capital, agreed that the $100,000 mark presents a significant resistance level for Bitcoin in the short term. He noted that some long-term holders might reduce their exposure at this psychological barrier, leading to a brief consolidation phase after Bitcoin’s rapid price movement following the U.S. election. However, Zheng views the recent pullback as a healthy one and believes that any correction will likely be shallow.

“A 20% pullback would provide a great entry point for new long-term investors,” Zheng added, confidently predicting that Bitcoin will break the $100,000 barrier within the next few months, especially with a more crypto-friendly regulatory environment under the incoming Trump administration.

Conclusion

While Bitcoin’s recent dip may have caused some short-term uncertainty, analysts largely agree that the correction is just a temporary consolidation phase before a larger move toward $100,000. With strong institutional interest, favorable macroeconomic conditions, and growing optimism about U.S. regulatory changes, Bitcoin’s trajectory remains bullish heading into the final stretch of 2024.