Bitcoin Analysis: Will the correction deepen or will we see another bullish move towards $100K?

Bitcoin price analysts set targets below $90K
The latest Bitcoin correction has led market analysts to believe that the price may test areas below $90,000 before resuming the upward trend toward the psychological level of $100,000. Bitcoin broke the short-term trend line, reaching support around $93K. The price of Bitcoin may test the local bottom from November 12 above $85,000 before continuing its rise toward $100,000, said the analyst. However, the chart below also shows the possibility of a deeper decline toward $80,000 if the $85,000 support is broken. Still, I remain optimistic about Bitcoin reaching $100,000 in the next few days.

Another crypto analyst shared similar views, stating that Bitcoin traders will be in trouble if Bitcoin loses the support provided by the upward trend line. Michael van de Poppe, founder of MN Capital, said he still expects the price of Bitcoin to break $100,000 in the next two weeks. The question remains, “How deep will the correction be?” asked van de Poppe. Bitcoin may drop to the lower range of $85,000 to $90,000, which would be suitable levels to enter, he added.

BTC traders maintain their interest in leverage
Meanwhile, data from the monitoring resource CoinGlass showed that total cryptocurrency liquidations in the last 24 hours, as of the time of writing, amount to $643 million, of which $520 million are long positions.

Look at how well the long leveraged positions were liquidated. There is now nothing left to liquidate from the long side,” said Sina, co-founder of asset management company 21st Capital, on X. “Now imagine what could happen if the price starts to rise and exceeds the $1.5B liquidation level for short positions at $97K.”

Sina added that Bitcoin has a chance to start a new “attack” toward $100,000 if funding levels remain within manageable limits. However, Axel Adler Jr., a collaborator with the blockchain analysis platform CryptoQuant, warned that despite the liquidation events, leverage levels remain high.

“Despite the recent decrease in leverage, leverage levels are still high,” he said, along with data from CryptoQuant. “Key long positions were built around $93K, which gives a chance for bears to take profit before the price approaches that level.”