Bitcoin’s recent rebound may push the cryptocurrency back toward $100,000 as oversold conditions and seasonal trends turn more supportive, according to BTIG.
The token has fallen 36% from its peak, leaving it deeply oversold. BTIG notes that Bitcoin is now entering a period that has historically marked a turning point for prices.
“We think Bitcoin is now poised to continue its reflex rally at least back towards 100K,” said Jonathan Krinsky of BTIG.
Seasonal data shows Bitcoin typically bottoms around November 26 and gains strength into the end of the year.
Ethereum has dropped 47% from its highs and is now sitting at solid technical support. While its broader trend is still negative, BTIG believes a move toward $3,400 is reasonable.
The firm also highlighted resilience in crypto-mining stocks. The Barclays crypto mining index has held key support levels and could climb another 15% before facing resistance. Some individual miners have already started to diverge from the broader market pullback.
Cipher Mining and Terawulf were identified as showing relative strength even as cryptocurrencies declined.
BTIG analysts also pointed to MicroStrategy as a potential mean-reversion setup. The stock is down 63% from its summer peak and is sitting near what BTIG views as strong support. The firm maintains a buy rating with a $630 price target.
These views come as crypto markets attempt to stabilize after weeks of selling pressure. BTIG emphasized that its outlook is based on technical factors rather than changes in demand or regulation. The firm argues that oversold conditions and supportive seasonality could lift prices in the near term, even if long-term trends remain uncertain.
BTIG added that Thanksgiving week often marks a momentum reset for digital assets, strengthening its case for a tactical move higher into December.
