Bitcoin (BTC) has recently found stability above the $90,000 level, reigniting optimism among bullish investors and market watchers. Analysts at BTIG suggest that this rebound could set the stage for a near-term push toward the psychologically significant $100,000 mark.

Reflex Rally Could Drive Bitcoin Higher

Jonathan Krinsky, a BTIG analyst, noted that Bitcoin is well-positioned for a continued “reflex rally,” potentially reaching $100,000 in the coming weeks. Historical data shows that Bitcoin often bottoms around November 26, gaining momentum as the year draws to a close, a seasonal pattern that supports bullish sentiment.

Krinsky also highlighted Strategy (formerly MicroStrategy) as a potential candidate for a mean reversion trade, maintaining a buy rating with a price target of $630. He added that the week of Thanksgiving historically coincides with momentum resets in digital assets, reinforcing expectations for tactical upward moves heading into December.

Key Levels to Watch

Market analyst Rekt Capital emphasized that if Bitcoin can reclaim $94,180, it would flip the 2025 yearly candle green, signaling potential continuation of the rally. To sustain momentum and approach the macro downtrend line, BTC would need a weekly close above $93,500, turning that level into support, a pattern consistent with previous bullish cycles.

Caution: Possible Reversion to $50K

Despite optimism, Bloomberg analyst Mike McGlone warned that Bitcoin may face headwinds in the short term. He highlighted the cryptocurrency’s close correlation with the S&P 500 and noted that the 120-day volatility of the index is at its lowest year-end level since 2017, suggesting a potential reversion to around $50,000.

For now, Bitcoin’s trajectory will depend on whether it can overcome short-term resistance levels and sustain buying pressure as the year comes to a close, with both bullish rallies and corrective reversions possible.