Bitcoin’s had a brutal few weeks. It crashed 36% from its recent peak, leaving a lot of traders pretty shaken up. But BTIG, a major financial services firm, thinks the worst might be over. Analyst Jonathan Krinsky told clients that Bitcoin looks ready for a “reflex rally” that could push it back toward $100,000.
Right now Bitcoin’s trading around $90,451, up almost 10% over the past five days, according to Coin Metrics. That’s a solid bounce, though it’s still down 20% over the past month because of economic worries and crypto market drama.
Two things are working in Bitcoin’s favor. First, it’s technically oversold, which usually means a bounce is coming. Second, there’s a seasonal pattern where Bitcoin tends to bottom around November 26th and then rally through year-end. BTIG thinks that historical trend could kick in now.
It’s not just Bitcoin either. Ethereum’s up nearly 13% over five days and could head toward $3,300. Solana jumped 12%, and XRP surged 15% in the same period.
Part of the recent sell-off came from investors moving to safer assets like gold and worrying about AI stocks getting overvalued. Long-term Bitcoin holders have also been taking profits, expecting the usual four-year cycle swings. But if BTIG’s right, the rebound could be just getting started.
Conclusion
Bitcoin’s technical oversold conditions combined with favorable seasonal patterns suggest potential for recovery toward $100,000, though lingering macroeconomic uncertainty and profit-taking by long-term holders may temper the rally’s pace.
Also Read: Ethereum Hits a Historic Trendline
