Analysts predict possible Bitcoin pullback before targeting $100,000

Bitcoin’s price has been hovering around $90,000, showing impressive gains of nearly 13% over the past week. However, analysts are warning of a possible short-term correction before it can reach its next target of $100,000 or higher. According to CryptoQuant, a blockchain analytics firm, the cryptocurrency could experience a dip to the $70,000 range as part of a market cooling phase.

The firm highlighted two potential scenarios for Bitcoin’s near-term price movement. In one, Bitcoin may consolidate between $87,000 and $93,000 before continuing its climb toward the $104,000 to $120,000 range. Alternatively, the market may see a correction, with prices falling to the $71,000 to $77,000 range before picking up again. The current gap between Bitcoin’s seven-day and 30-day moving averages suggests that recent buying pressure may result in a temporary pullback.

Despite the possibility of a price dip, Bitcoin’s long-term outlook remains positive, with large investors or “whales” continuing to accumulate the cryptocurrency. CryptoQuant data shows that whale activity has increased, reflecting confidence in Bitcoin’s future performance, even as the price hovers near $90,000.

While some analysts predict a more significant drop to as low as $50,000, the strong whale activity signals that the broader market is not overly concerned. Any short-term dip is likely to be just that—a brief pullback before the next phase of Bitcoin’s upward trajectory.