30s Summary

Bitcoin, after peaking at $99,645 and dropping to around $92,775, is predicted by experts to rebound and possibly reach the $100,000 mark before 2021 ends. The drop is considered a normal happening and a prelude to a spike. Factors such as the Federal Reserve’s interest rates decision and new US government could affect Bitcoin’s movement. However, hitting the $100,000 mark may also trigger selling from some long-term holders.

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Everyone’s talking about Bitcoin’s recent drop to just under $93,000, but it looks like it’s not gonna stay down for long. Many people think it’ll bounce back fast and it might even hit the $100,000 mark before we say adios to 2021.

Bitcoin hit a mega high of $99,645 around Nov. 22, but it lost about 7% and came down to $92,775 the other day. But don’t worry, it made some gains and was around $94,600 last time we checked. A lot of experts think the Bitcoin game is still strong for the rest of the year.

Markus Thielen, who founded 10x Research, thinks that Bitcoin is just pausing before the Thanksgiving weekend. Apparently, it tends to weaken a bit towards the end of the month, which helps to balance things out.

Thielen also mentioned that Bitcoin might be impacted by certain economic data. For instance, if the Federal Reserve decided to keep interest rates steady next month, it could affect Bitcoin. But he’s still very optimistic and thinks Bitcoin could easily cross the $100,000 milestone in the coming weeks.

And he’s not the only one. A cool trader and analyst named ‘Bluntz’ also thinks Bitcoin will only go up. He even said something like “it ain’t going as low as people think”. Other people are calling this dip a “flush before the rush.”

Charlie Sherry, a bigwig at BTC Markets, thinks this drop is typical of Bitcoin’s usual way of doing things. He suggested that this could be a ‘last flush’ before Bitcoin crosses the $100,000 mark.

Sherry warned though, that if it drops further, Bitcoin could hit $88,000 to $90,000. But even a 20% to 30% correction could take Bitcoin down to $80,000, which is still cool considering its past.

Sherry also liked the 72% odds that Polymarket is giving for Bitcoin to hit $100,000 before Christmas.

CK Zheng, co-founder of ZX Squared Capital, thinks $100,000 is a significant mark for Bitcoin. According to him, some long-term holders might choose to reduce their holdings at this point, and the market might pause. But he believes the dip is healthy and won’t go too deep. A 20% fall might even be a good chance for newbies to get in.

He also said with the new government coming in, Bitcoin might break the $100,000 mark soon as the US could have more crypto-friendly rules and regulations.