Bitcoin analysts expect recovery as price steadies at $93K

Despite Bitcoin’s (CRYPTO:BTC) recent drop to $93,000, crypto analysts remain optimistic about its potential to reach six figures by year-end.  

The correction, which saw Bitcoin decline 7% from its November 22 peak of $99,645, is viewed as a natural part of its historical trend of sharp rallies followed by healthy pullbacks.  

Markus Thielen, CEO of 10x Research, explained that Bitcoin’s dip coincides with traders reducing activity ahead of Thanksgiving and alleviating its "overbought technical condition."  

He also noted that broader economic factors, such as steady interest rates from the Federal Reserve, could influence high-risk assets like Bitcoin in the short term.  

Charlie Sherry, Head of Finance at BTC Markets, emphasised that Bitcoin’s current pullback mirrors its historical patterns, allowing the market to consolidate before further advances.  

Sherry referred to the $92,600 level as a potential “last flush” before the asset moves toward the $100,000 milestone.  

However, Sherry cautioned that a deeper correction could bring Bitcoin to the $88,000-$90,000 range, with the possibility of a larger 20%-30% pullback aligning with past bull market behavior.  

"I think up from here and it ain't going as low as people think," stated trader and analyst Bluntz, expressing confidence in Bitcoin's recovery.

Polymarket’s prediction platform gives Bitcoin a 72% chance of hitting $100,000 before Christmas, aligning with positive market sentiment.  

CK Zheng, co-founder of ZX Squared Capital, added that $100,000 represents a significant psychological barrier, but any pullback is expected to be shallow.  

At the time of reporting, the Bitcoin (BTC) price was $94,335.95.