Bitcoin Price Set to Reach $100,000: BTIG Highlights Key Reasons for Optimism

As the Bitcoin price stabilizes above $90,000, bullish investors are experiencing a renewed sense of optimism. Analysts from BTIG believe this rebound could push Bitcoin towards its ambitious goal of hitting $100,000.

Key Takeaways

Bitcoin is currently stable above $90,000, raising optimism among investors.
BTIG analysts anticipate a potential “reflex rally” that could lead Bitcoin to $100,000.
Historical trends suggest Bitcoin typically increases in value towards the end of the year.
Important resistance levels indicate Bitcoin needs to close above $93,500 to build positive momentum.
Concerns about a reversion to around $50,000 persist, linked to market conditions and S&P 500 volatility.

Bitcoin

Bitcoin Positioned for a “Reflex Rally”

Jonathan Krinsky, an analyst at BTIG, is optimistic about Bitcoin's potential for a continued “reflex rally,” which could see the price reach $100,000 in the near future. Historical patterns show that Bitcoin tends to lower its price around November 26 and gains momentum as the calendar year closes. This seasonal trend further supports the cryptocurrency’s potential for growth in the upcoming weeks.

BTIG also highlights Strategy (formerly MicroStrategy) as a favorable candidate for a mean reversion trade. They have issued a buy rating for MicroStrategy, setting a target price of $630. Krinsky notes that the Thanksgiving week often corresponds with momentum resets for digital assets, reinforcing the expectation of a strategic rise leading into December.

Possible Reversion Towards $50,000

Adding to this positive sentiment, market analyst Rekt Capital recently remarked that if Bitcoin can surpass the $94,180 mark, it would turn the 2025 yearly candle green, suggesting that a rally for the leading cryptocurrency could occur as the year winds down.

However, Rekt cautioned that Bitcoin must overcome specific challenges to maintain this upward momentum. For Bitcoin to progress and move closer to the Macro downtrend line, a weekly close above approximately $93,500 is necessary, converting that level into support, similar to trends observed in previous bullish cycles.

Conversely, Bloomberg analyst Mike McGlone raised concerns about Bitcoin's price movement in the days ahead. In his social media commentary, he suggested that Bitcoin could experience a typical reversion toward the $50,000 range, especially as it closely tracks the S&P 500. McGlone noted that the S&P 500's 120-day volatility is at its lowest year-end level since 2017, which may pose challenges for Bitcoin.

Bitcoin price The daily chart indicates Bitcoin’s price consolidating above the significant $91,000 level. Source: BTCUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com