Bitcoin bears, beware: The world’s oldest cryptocurrency is likely to recover to $100,000 after a massive drop earlier this month, according to BTIG. “After a -36% peak-to-trough decline, we believe Bitcoin is poised to continue its reflexive rally toward at least 100,000,” BTIG analyst Jonathan Krinsky said in a note to clients on Wednesday. The digital asset’s last traded price was $92,451.30, up nearly 10% over the past five days, according to data from Coin Metrics. However, due to a combination of macroeconomic and crypto-specific factors, Bitcoin is still down 20% over the past month. BTC.CM= 6 Million Mountains of Bitcoin in the Last Six Months As an example, some investors are moving away from risk-on investments and away from risk-off assets such as gold as concerns about the valuation of artificial intelligence stocks continue. Artificial intelligence stocks are relevant to crypto trading because they share a similar investor base. Traders are also carefully digesting mixed economic data from a series of recently released federal reports. Separately, long-term Bitcoin holders are selling some of their holdings due to the common belief that Bitcoin’s price follows a four-year pattern based on regular programmatic updates to the blockchain designed to gradually increase the token’s scarcity over time. Nevertheless, Bitcoin is still on track to recoup some of its losses by the end of the year, with digital currency mining companies Cipher Mining and Terrawolf also “performing impressively during the crypto pullback,” BTIG analysts said in a note. Cipher Mining is up 35% since Monday, and Terawulf is trading 31% higher in the same period despite the recent pullback. Moreover, the crypto miners’ index “is holding support and is likely to rise another 15% before more severe resistance sets in,” the analysts said. Ether, the second-largest cryptocurrency by market capitalization, also appears poised to regain its $3,400 price range after dropping 24% of its value over the past month, according to BTIG. Ether last traded at $3,075.62, up about 13% over the past five days, according to data from Coin Metrics. During the same period, Solana and XRP rose 12% and 15%.
