Bitcoin Drops Below $93K: Can It Still Reach $100K?

Bitcoin has been experiencing its price dropping 8.2% since last Friday after hitting an all time high of $99,800 the same day. Now, the crypto is trading at $92,226, leaving traders and investors wondering if the precious $100,000 will ever be reached or if it’s just a fairy tail.

What Analysts Are Saying

The crazy pullback has become a talk among analysts. For instance, Crypto Analyst AlphaBTC sees $93,000 as a key level, saying, “Bitcoin just did a sneaky dip below the trendline, tickling the 93k support.” AlphaBTC believes if bitcoin falls under $90,000, it could slide to $85,000, but he remains optimistic “100K+ is still on the table this week!” he said.

Another analyst, Crypto Rover, agrees with the sentiment. He highlighted the importance of Bitcoin staying above a key trendline, calling it “the most important support line for Bitcoin right now.” In short, losing this level, could trigger further selling.

Michael van de Poppe, the founder of MN Capital, shares the same thought, suggesting Bitcoin might dip to $85,000-$90,000 range as a “sweet spot” for buyers to jump in before Bitcoin gains steam again. He’s confident Bitcoin could still break $100,000 in the next two weeks.

What’s Behind the Drop?

Bitcoin’s trading volume hit $94.84 billion in the past day, showing just how active the market has been during this downturn. 

According to IntoTheBlook, over 511,390 wallets bought 268,370 BTC between $89,000 and $92,000, signaling strong buying interest. But analysts caution: if Bitcoin loses this support zone, prices could slide further.

Meanwhile, Bitcoin ETFs, which have played a huge role in this year’s price action, are showing conflicting trends. Over the past 24 hours, BlackRock’s IBIT ETF saw an inflow of $267.8 million, but Bitwise’s BITB ETF lost $280.7 million in outflows. Overall, Bitcoin ETFs recorded a net outflow of $435.3 million in the last 24 hours, according to SoSoValue.

Why Are Sellers Cashing Out?

Long-term Bitcoin holders are taking profits after the recent rally, selling at levels not seen since April 2024. 

According to a recent tweet from Glassnode, these holders offloaded 366,000 BTC over the past month, with six- to twelve-month holders selling 25,600 BTC daily. This increased selling pressure has added to the recent slide.

Meanwhile, this price has drawn comparison to what happened in previous market cycles in 2013, 2017 and 2021 when bitcoin saw a sharp gain followed by a pullback. While bearish analysts warn of a potential plunge to $70,500, most agree the $85,000-$90,000 range is a crucial battleground. If buyers step up here, Bitcoin might still reach the much-anticipated $100,000 milestone soon.

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