Bitcoin price recently stabilized above $90,000, leading to renewed optimism among bullish investors. Analysts at BTIG have suggested that this recovery could propel Bitcoin towards its ambitious target of $100,000.
Bitcoin Price Positioned for ‘Reflex Rally’
Jonathan Krinsky, analyst at BTIG, expressed confidence that the Bitcoin price is positioned for a sustained ‘reflex rally’, which could potentially reach $100,000 in the near term.
Historical data shows that Bitcoin typically bottoms out around November 26 and gains strength as the year comes to a close. This seasonal pattern further strengthens the outlook for the cryptocurrency in the coming weeks.
Another area of focus for BTIG is Strategy (formerly MicroStrategy), which the analyst believes is a candidate for a mean reversion trade. The company maintains a buy rating on MicroStrategy with a price target of $630.
The analyst also highlighted that the week of Thanksgiving often coincides with momentum resets for digital assets, reinforcing expectations for a tactical upside in December.
Kickback forward to $50,000
In addition to the optimistic outlook, market analyst Rekt Capital recently said named that if Bitcoin price can regain its position above the $94,180 mark, it would turn the annual candle for 2025 into a green candle, substantiating theories of a potential rally for the leading cryptocurrency in the final days of the year.
However, Bitcoin must overcome certain hurdles to maintain this momentum. Rekt noted that if Bitcoin were to build on its current outlook and approach the macro downtrend line, it would require a weekly close above around $93,500, turning that level into support, similar to patterns observed in previous green cycles.
At the same time, Mike McGlone, an analyst at Bloomberg, has taken to social media to express his concerns about the Bitcoin price trajectory in the coming days.
He suggested that a typical return to around $50,000 could now be on the books, highlighting Bitcoin’s close correlation with the S&P 500. McGlone pointed out that the S&P 500’s 120-day volatility was at its lowest year-end level since 2017, indicating potential headwinds for Bitcoin.
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