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Investing.com -- Bitcoin’s latest rebound could take the token back toward $100000 as oversold conditions and seasonal trends turn more supportive, BTIG said.
Bitcoin has dropped 36% from its peak but is now oversold and entering a period that has historically marked a turning point.
"we think Bitcoin is now poised to continue its reflex rally at least back towards 100k," said Jonathan Krinsky of BTIG.
The average seasonal pattern shows the cryptocurrency tends to bottom around November 26 and gains momentum through year end.
Ethereum, down 47% from its highs, has fallen giving a solid technical support. The trend remains negative, but a move toward 3400 appears reasonable, the analysts wrote.
BTIG also pointed to signs of resilience in mining stocks. The Barclays crypto mining index has held support and could rise another 15% before meeting resistance. Individual names have also started to diverge from the broader pullback.
Cipher Mining and Terawulf were flagged as showing relative strength as cryptocurrencies retreated.
Analyst at BTIG said MicroStrategy has for a potential mean reversion trade. The stock has fallen 63% from its summer peak and is now sitting in what BTIG considers strong support. The brokerage analysts has a buy rating and a $630 price target.
The call comes as crypto markets attempt to stabilize after weeks of selling pressure. BTIG’s view centers on technical factors rather than shifts in demand or regulation, emphasizing that oversold conditions and improving seasonality could provide a short-term lift even as longer term trends remain uncertain.
The firm added that Thanksgiving week often coincides with a momentum reset for digital assets, reinforcing its expectation for a tactical move higher into December.