Originally published on: November 26, 2024
Industry experts are confident that Bitcoin’s recent drop below $93,000 is just a temporary setback and that the cryptocurrency is still poised to hit six figures by the end of the year.
After hitting an all-time high of $99,645 on November 22, Bitcoin has experienced a minor pullback, dropping nearly 7% to $92,775 before bouncing back to around $94,600. Analysts are optimistic about Bitcoin’s future performance, citing historical trends and market dynamics.
Markus Thielen, founder, and CEO of 10x Research, believes that Bitcoin is currently consolidating before the Thanksgiving weekend, which could lead to decreased volatility. While he acknowledges a possible decline in the asset’s value by month-end, he remains bullish on Bitcoin’s outlook for the upcoming weeks.
Trader Bluntz, with a substantial following, expressed confidence in Bitcoin’s upward trajectory, calling the recent dip a “flush before the rush.” Similarly, Charlie Sherry of BTC Markets sees the drop as part of a natural correction process, predicting that Bitcoin may soon surpass the $100,000 mark.
While some market participants anticipate a deeper pullback to levels around $80,000, the overall sentiment remains positive. The odds of Bitcoin reaching $100,000 before Christmas, as indicated by Polymarket, further support this outlook.
As the cryptocurrency market awaits further developments, including potential regulatory changes under a new government administration, many believe that Bitcoin is well-positioned for significant gains in the near future.
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