Bitcoin price could rebound toward $100,000 – BTIG says

BTIG expects bitcoin price to rebound toward $100,000 after a 36% peak-to-trough drop, outlining the view in a Wednesday note following a sharp bounce that began late last week, CNBC reports.

Bitcoin traded around $92,451 on Wednesday, up nearly 100% over the past five days yet still about 20% lower for the month, based on Coin Metrics. “After a -36% peak-to-trough decline, we think Bitcoin is now poised to continue its reflex rally at least back toward 100k,” wrote BTIG analyst Jonathan Krinsky in a note to clients.

The note linked the recent drawdown to a mix of market and crypto-specific drivers. BTIG cited shifts from risk assets into gold amid concerns about AI stock valuations, which it views as overlapping with crypto’s investor base.

Traders have been weighing mixed readings from recent federal economic reports. The firm also pointed to selling by some long-term holders based on a view that bitcoin tends to follow four-year cycles tied to programmed supply reductions.

BTIG expects bitcoin to regain part of its recent losses into year-end and highlighted relative strength in crypto mining stocks during the downturn. Cipher Mining has risen 35% since Monday, and Terawulf is up 31% in the same stretch. An index of crypto miners held support and could have another 15% of upside before encountering heavier resistance, according to the note.

The rebound extends beyond bitcoin. BTIG flagged ether as likely to retake $3,400 after a 24% monthly drop. Ether last traded near $3,000, up almost 13% over five days, Coin Metrics data show. Solana and XRP gained about 12% and 15%, respectively, over that period.

BTIG’s analysis referenced a common view among crypto investors that bitcoin’s price action often follows a four-year rhythm influenced by scheduled cuts to new coin issuance, a feature designed to slow supply growth over time.

As we covered previously, U.S.-listed spot Bitcoin ETFs are pacing their worst month of outflows since launching in January 2024, with more than $2.5 billion withdrawn so far in November. BlackRock’s IBIT accounts for about $2.2 billion, putting the pace near the prior monthly record of about $3.6 billion in February.