Why this analyst thinks Bitcoin’s return to $100k isn’t far away

According to Jonathan Krinsky, chief technical strategist at BTIG, Bitcoin may be preparing to emerge from its seasonal weakness. The world's largest cryptocurrency has been rising steadily in recent sessions, and analysts suggest that historical trends could support further gains through the end of the year.

Seasonal Weakness Nears End

Krinsky points to the historical price trend from 2015 to 2024, which shows Bitcoin typically bottoms around November 26 and then begins to gain momentum in the final weeks of the year. He noted that Bitcoin is currently oversold, indicating potential for a recovery.

The chart Krinsky referenced was published on Friday, when prices rose above $91,000. It illustrates that the traditionally weak period is nearing an end, and there is potential for a strengthening seasonal tailwind, which could support higher prices.

Potential for Recovery

The strategist believes this could return the cryptocurrency to a trajectory toward $100,000—a price target that is becoming increasingly relevant as Bitcoin is trading approximately 27% below its all-time high of $126,272 reached on October 6.

Bitcoin Rises After Holiday Market Pause

Despite traditional US financial markets being closed for Thanksgiving, digital asset trading activity continued uninterrupted. Bitcoin has been rising steadily since the close of trading on Wednesday, rising from around $87,000 to over $91,000 by Thursday.

By Friday, Bitcoin was trading around $91,615, representing a week-over-week gain of more than 8%. This rise coincides with a recovery in US stocks ahead of the holidays.

Correlation between Bitcoin and Stocks

The growing correlation between Bitcoin and US growth stocks has become a notable development for investors. This may indicate that Bitcoin is beginning to be perceived as a more traditional asset, which in turn could contribute to its further growth.

In Conclusion

According to Jonathan Krinsky, a return to $100,000 for Bitcoin may be just around the corner. Given historical trends, the current oversold market, and the growing correlation with traditional markets, investors can expect positive changes in cryptocurrency prices in the coming weeks.