Bitcoin Nears $94K in Healthy Pullback, Analysts Reaffirm $100K Target
Bitcoin (BTC) extended its short-term retreat, sliding 3.5% over the past 24 hours to approach $94,000. The correction comes a week after BTC narrowly missed hitting $100,000 for the first time, as profit-taking and leveraged positions unwind across the market.
Weekly gains for BTC have slimmed to 3% from their earlier peak of 10%. Major altcoins like Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) have mirrored the decline, with losses of up to 7%. The CoinDesk 20 Index, which tracks the top liquid cryptocurrencies, dropped 3% in the same period.
Short-Term Volatility, Long-Term Vision
Despite the pullback, analysts maintain their bullish outlook, with the $100,000 milestone still firmly in sight. A correction of up to 10% from recent highs—potentially dipping to $92,000—is being described as a “normal and constructive” phase in Bitcoin’s bull run.
“This pullback is tied to over-leveraged market conditions, with open interest and leverage ratios hitting annual highs,” observed CryptoQuant analyst MAC_D. “Such corrections, typically in the 10-20% range, are a natural part of a strong market cycle.”
On-Chain Indicators Highlight Strength
On-chain metrics suggest that Bitcoin’s bullish cycle remains intact. Indicators such as MVRV, NUPL, and the Puell Multiple point to further upside potential, indicating that the current correction could serve as an opportunity for accumulation.
“The focus should be on identifying strong buy zones during these dips,” MAC_D noted. “Metrics like the ‘Short-Term SOPR’ are especially useful for pinpointing accumulation periods.”
Eyes on the $100K Mark
While the near-term outlook may see continued choppiness, the broader sentiment remains optimistic. Bitcoin’s recent surge has extended far beyond its daily moving averages, leading analysts to anticipate a period of consolidation before the next leg up.
With the $100,000 target still within reach, the market sees the current pullback as a pause rather than a reversal, providing opportunities for both short- and long-term investors.
