Will BTC pullback before hitting 100,000? Analyst: 'Healthy correction' may test above 70,000 US dollars

BTC fell below the $90,000 mark this morning, reflecting cautious sentiment in the global market as traders assess the potential impact of Trump's policy agenda. Some analysts believe that BTC will face 'short-term challenges' as it approaches $100,000 and may potentially correct downwards to around $70,000.

BTC has rebounded slightly, with a quote of $90,375 around 11:30 a.m. Taiwan time on Monday, facing the challenge of holding the $90,000 mark. on-chain analysis platform CryptoQuant stated in a research report that BTC price may experience some "healthy cooling".

CryptoQuant analyst BaroVirtual believes that BTC may enter a new consolidation phase next, probing slightly above 70,000 US dollars, because the gap between the two moving average trend lines is close to 20%.

In his post, he stated, "The positions of price chasers (7-day and 30-day moving averages) indicate that we are seeing strong, healthy buying pressure on BTC, which is a very positive signal."

The problem is that the gap between the 'fast followers' and the 'slow followers' is 19%, which in turn leads to two possible scenarios:

First, BTC consolidates within the range of $87,000 to $93,000 for a period of time, and then continues to rally, reaching the range of $104,000 to $120,000. We observed a similar situation from February to March 2024.

In the second scenario, BTC pulls back to the $71,000 to $77,000 range, the market experiences a moderate "healthy cooling", and then the trend resumes to the upside.

As shown in the figure, BTC rose in the past week, reaching a record high of $9,000 on November 11th. CryptoQuant compares the current high point with the previous historical high point to explain why longer may temporarily lose momentum.

Many believe that before BTC surges to $100,000, the market's strong pump will take a brief pause. Some anticipate the long-awaited retracement to establish new support levels, while bearish views suggest BTC will drop to $50,000 or even lower.

CryptoQuant's data shows that despite the market's uncertainty, investors still believe that BTC will rise to $100,000. The current price range is still attracting a large number of Large Investors to enter the market and continue to accumulate BTC, even after BTC has surpassed its historical high.

CryptoQuant's contributor Darkfost wrote: "Interestingly, the number of new Large Investors that have recently risen significantly, which may mean that more Large Investors are getting on board in the near future."

Even as the price of Bitcoin approaches $90,000, they have not stopped increasing their holdings, and most are still holding, reflecting their confidence in the market.

<BTC 'Before rushing to 100,000', will there be a pullback? Analyst: 'Healthy correction' may test over 70,000 US dollars> This article was first published in 'Block Times'.