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Bitcoin’s climb to the elusive $100,000 mark may face a steep 30% correction, analysts caution. As market dynamics shift with slowing ETF inflows, experts remain optimistic about the long-term bullish outlook.
Bitcoin Struggles to Conquer $100K Milestone Amid Price Volatility
In spite of its best efforts, Bitcoin is facing an uphill battle to break over the six-figure price tag. A 30% fall is still possible.
From its all-time high of over $99,800, which was broken on November 22nd, according to data from Cointelegraph, the price of Bitcoin is currently down more than 7%.
Although the majority of market watchers believe that breaking the $100,000 barrier will happen soon, a minority of experts are predicting a steeper decline before the milestone is reached.
Analysts Warn of a Potential 30% Bitcoin Correction
Bitget Research's principal analyst, Ryan Lee, predicts that Bitcoin's price could have a 30% correction before continuing its upward trend. The analyst spoke with Cointelegraph about:
“In its bid to cross the psychologically important $100,000 price level, investors will need to deal with intense corrections. Historical data trends show that Bitcoin may still correct as much as 30% before it reaches its cyclical top.”
While it's true that past chart patterns don't necessarily foretell future price action, a 30% fall from $99,800 would theoretically send Bitcoin's price crashing below $70,000.
Although short-term downturns are inevitable in crypto bull markets, most experts do not anticipate this current correction to last.
Bitcoin’s $100K Symbolism and Institutional Confidence
Author and intergovernmental blockchain specialist Anndy Lian predicts that Bitcoin's worth will soon exceed $100,000.
This is what he told Cointelegraph:
“Bitcoin reaching $100,000 isn’t just a milestone; it’s a testament to the growing trust in decentralized finance and the relentless pursuit of financial sovereignty. As global adoption accelerates and institutional interest deepens, the $100,000 mark symbolizes not just a price, but a paradigm shift in how we perceive and utilize money.”
ETF Outflows Add Pressure to Bitcoin’s Price Action
Another factor that has contributed to the decline in Bitcoin's price is the lackluster investment activity in US-based spot Bitcoin exchange-traded funds (ETFs).
Data from Farside Investors shows that spot Bitcoin ETFs in the US experienced two days of net negative outflows, with a net cumulative outflow of more than $122 million on November 26.
Analysts Predict Recovery Despite Near-Term Volatility
Bitfinex experts told Cointelegraph that while ETF inflows tend to slow down towards the end of the month, they believe that a return to buying ETFs will help accelerate Bitcoin's next leg up:
“Now that ETF flows appear to have hit a bump in the road and MicroStrategy purchases seem to have paused, it is quite normal for the price to undergo some correction and seek out a new supply-demand equilibrium as marginal buying ends.”
Bitfinex predicts a 20% drop, but that the recent $2.6 billion note issuance by MicroStrategy and fresh ETF buying will propel cryptocurrencies to new all-time highs by 2025.
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