Originally published on: November 27, 2024
Bitcoin is facing the possibility of a correction of up to 30% as it aims to reach the coveted six-figure price point for the first time. The current BTC price is down over 7% from its all-time high of nearly $99,800, which was reached on Nov. 22 according to Cointelegraph data.
Although many analysts anticipate Bitcoin hitting $100,000 soon, some believe a deeper retracement is necessary before reaching this milestone. Ryan Lee, chief analyst at Bitget Research, suggests that Bitcoin could see a correction as significant as 30% before continuing its upward trend. While historical patterns may not always be reliable indicators of future price movements, a potential drop below $70,000 from $99,800 is not out of the question.
Despite the recent downturn, most experts remain optimistic about Bitcoin’s prospects. Anndy Lian, a respected author and blockchain expert, is confident that Bitcoin will surpass $100,000 in the near future.
However, sluggish investments in U.S.-based spot Bitcoin ETFs have contributed to the recent price decline. The outflows from these ETFs could be a temporary setback, as analysts from Bitfinex believe that renewed buying activity will push Bitcoin to new all-time highs.
Despite the possibility of a correction, analysts are bullish on Bitcoin’s long-term potential, with expectations of continued growth leading into 2025. As the market braces for volatility, investors are advised to stay informed about the latest developments to make informed decisions about their cryptocurrency holdings.