“Bitcoin Hits $99,600 – But Is a 25% Crash Looming? Here’s What You Need to Know!”

Bitcoin’s Price Pullback: What’s Next After Hitting $99,600?

Bitcoin recently reached a new all-time high of $99,600, a euphoric milestone that seemed to confirm the cryptocurrency’s ongoing bull market. But as quickly as it soared, the price retraced to $94,000—its lowest point in nearly a week. The question on everyone’s mind: is this a sign of a bigger pullback, or just a temporary correction before another rally?

A Surge and a Slowdown: What’s Behind the Pullback?

The recent pullback came after a remarkable three-week uptrend in Bitcoin’s price, which surged by 40% following Donald Trump’s election on November 5. Such rapid growth naturally brings speculation about a potential correction, especially considering that Bitcoin has been in an extended period of price discovery.

Market expert Rekt Capital, a well-respected technical analyst, drew attention to historical cycles that may hint at what comes next. He pointed out that in previous Bitcoin rallies—specifically in 2013, 2017, and 2020/2021—Bitcoin experienced a period of strong upward momentum followed by significant corrections. For instance, in the 2017 cycle, a seven-week rally led to a 34% drop in Week 8. Similarly, the 2020/2021 cycle saw a six-week rally followed by a 16% pullback.

Bitcoin is currently in its fourth week of this uptrend, which suggests, according to Rekt Capital’s analysis, that we may be approaching the phase where a correction is due. The patterns from previous cycles suggest that Bitcoin might experience a retracement to lower support levels, with a 25% pullback potentially bringing the price down to $70,500—a level not seen since the election day surge.

Selling Pressure Mounts: Who’s Behind the Moves?

As Bitcoin struggles with this pullback, another factor could be contributing to the current price action: increased selling by long-term holders (LTHs). Data from on-chain market intelligence firm Glassnode shows that LTHs have significantly ramped up their selling activity, with an astonishing -366,000 BTC sold per month—the highest monthly sell-off since April 2024.

The selling pressure is particularly pronounced among those who acquired Bitcoin between 6 to 12 months ago. This cohort has been capitalizing on the recent price surge, selling an average of 25,600 BTC per day. These holders have enjoyed substantial profits, with their average cost basis approximately 71% lower than the current market price of $57,900. For many, the allure of realizing those gains amid a near-$100,000 Bitcoin price may be too tempting, contributing to the growing selling pressure.

What Lies Ahead for Bitcoin?

Despite the retracement, Bitcoin’s price remains up significantly on longer time frames. The year-to-date surge stands at an impressive 150%, marking a stellar performance even as the price dips in the short term.

However, if history is any guide, Bitcoin may face more volatility in the weeks ahead, as long-term holders continue to take profits and the market adjusts to new price levels. With the possibility of a 25% pullback, the $70,500 price point is something to keep an eye on in the coming weeks.

In the world of Bitcoin, volatility is a given, and each new all-time high seems to be followed by new concerns, corrections, and recalibrations. But if Bitcoin’s history has shown us anything, it’s that sharp pullbacks often lead to another round of growth, making the long-term outlook as exciting as ever.

For now, the market waits, watching closely to see if Bitcoin can sustain its bullish momentum or if it will give way to a correction in the days ahead.