Bitcoin bears, beware: The world’s oldest cryptocurrency could rally to $100,000 after a massive decline earlier this month, according to BTIG. “After a -36% peak-to-trough decline, we think Bitcoin is now poised to continue its reflex rally to at least 100k,” BTIG analyst Jonathan Krinsky said in a note to clients on Wednesday. The digital asset was trading at $92,451.30, up nearly 10% over the past five days, Coin Metrix data shows. However, due to a combination of macroeconomic and crypto-specific factors, Bitcoin is still down 20% in the past month. BTC.CM= 6M Mountain Bitcoin Over the Last Six Months For one, some investors are moving out of riskier investments in risk-averse assets like gold amid ongoing concerns about the valuations of artificial intelligence stocks, which are linked to crypto trading because they share a similar investor base. Traders are also carefully digesting mixed economic data from recently released federal reports. Separately, long-term Bitcoin holders are selling some of their holdings due to the generally shared belief that Bitcoin’s price follows a four-year pattern based on regularly scheduled programmatic updates of its blockchain designed to make its tokens progressively scarcer over time. Despite this, Bitcoin is still on track to recoup some of its losses by the end of the year, while digital currency mining firms Cipher Mining and Terawolf are also “performing impressively during the crypto pullback,” BTIG analysts said in their note. Cipher Mining is up 35% since Monday, while Terawolf is trading 31% higher over the same period, despite recent declines. Additionally, an index of crypto miners “has held support and is likely to rise 15% before hitting tough resistance,” the analysts said. Ether, the second-largest crypto by market capitalization, is also set to reclaim its $3,400 price point after losing 24% of its value over the past month, according to BTIG. According to Coin Metrix data, Ether last traded at $3,075.62, up nearly 13% over the past five days. Solana and XRP increased by 12% and 15% during the same period.
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