Bitcoin Dips to $94K Amid Market Cooldown, $100K Target Still Intact
Bitcoin (BTC) extended its three-day decline, shedding another 3.5% over the past 24 hours to trade near $94,000. The pullback comes just days after BTC approached the $100,000 milestone, as profit-taking and market-wide corrections gained momentum.
Weekly gains for the leading cryptocurrency have dropped to 3% from a high of 10%, while major altcoins like Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) have posted losses of up to 7%. The CoinDesk 20 Index, which tracks the market’s top non-stablecoin assets, slid nearly 3% during the same period.
Temporary Setback or Start of Something Bigger?
Market analysts remain bullish, with $100,000 still seen as an achievable short-term target. Corrections of up to 10% from recent highs—potentially dipping as low as $92,000—are being described as “healthy” and “expected.”
“This dip aligns with overheated leverage conditions, as open interest and estimated leverage ratios hit their highest levels of the year,” noted CryptoQuant analyst MAC_D. “Corrections in the range of 10-20% are not unusual in such scenarios.”
Bullish Metrics Underscore Resilience
On-chain data further supports the bullish outlook. Indicators such as MVRV (Market Value to Realized Value), NUPL (Net Unrealized Profit/Loss), and the Puell Multiple suggest Bitcoin remains in a bullish cycle with significant upward potential.
“The key for savvy investors is to identify accumulation phases during these corrections,” added MAC_D. “Metrics like ‘Short-Term SOPR’ provide valuable insights into these opportunities.”
What’s Next for Bitcoin?
As leverage unwinds and market conditions stabilize, analysts expect Bitcoin to resume its upward trajectory. The current pullback is seen as a momentary pause rather than a reversal of the broader bull trend.
With BTC still trading within striking distance of six-figure territory, the market remains optimistic that the historic $100,000 level is within reach before the year ends. For now, investors are bracing for near-term volatility while keeping an eye on the longer-term prize.
