Bitcoin 30% correction in play ahead of $100K BTC rally — Analysts
2024-11-27

Bitcoin could still see a correction of up to 30% during its uphill battle to conquer the six-figure price tag for the first time.
The Bitcoin BTCUSD price is currently down over 7% from its all-time high of around $99,800, breached on Nov. 22, Cointelegraph data shows.
While most analysts agree that topping $100,000 is only a matter of time, some analysts expect a deeper retracement before the milestone high.
Bitcoin could correct as deep as 30% before resuming its bullish run, according to Ryan Lee, the chief analyst at Bitget Research. The analyst told Cointelegraph:
While historical chart patterns aren’t always accurate in predicting future price action, a potential 30% correction from $99,800 would hypothetically tank Bitcoin price below $70,000.
Bitcoin breaching $100,000 is only a matter of time, and ETF inflows
While temporary corrections are an organic part of crypto bull markets, most analysts don’t expect the current correction to be long-lived.
This is because Bitcoin is set to surpass the $100,000 valuation in the short term, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
Sluggish investments in the United States spot Bitcoin exchange-traded funds (ETFs) have also contributed to Bitcoin’s price slump.
United States-based spot Bitcoin ETFs logged two days of net negative outflows, with net cumulative outflows of over $122 million on Nov. 26, Farside Investors data shows.
While slowing ETF inflows are common at the end of the month, a resurgence in ETF buying will help catalyze Bitcoin’s next leg up, according to Bitfinex analysts, who told Cointelegraph:
While Bitfinex analysts expect a correction of up to 20%, the analysts are confident that MicroStrategy’s latest $2.6 billion note sale and renewed ETF buying will bolster cryptocurrencies to new all-time highs leading into 2025.