Weekly forecast: Analysts split on Bitcoin outlook after sharp weekly decline
Bitcoin lost nearly 7% this week, fell below $100,000, and was trading above $96,000 on Saturday, continuing to unsettle investors with its unpredictable behavior.
The decline of the leading cryptocurrency was driven by weakening expectations of a further Fed rate cut in December, which increased demand for low-risk and safe-haven assets.
Outflows from spot Bitcoin ETFs continued as well. Investors withdrew more than $730 million over the week, with more than half of that on Friday, coinciding with the sharp drop in BTC. Breaking the psychological level of $100,000 also triggered algorithmic selling and cascading liquidations.
Panic grips the market, but optimists remain
The market is now divided between skeptics expecting a further decline to $90,000 and even $70,000, and optimists who believe the cycle is not over and growth may resume.
Haseeb Qureshi, managing partner at the venture firm Dragonfly, called the current Bitcoin drop “the softest bear phase” he has ever seen, noting that the present market decline is far milder than the crisis of 2022.
“Prices dropped — so what? Fundamentals look great. Crypto works. So relax, have a snack. Focus. Everything will be fine,” Qureshi said.
Analyst Viktoras Karapetyanc argues that the current decline is driven primarily by macroeconomic risks and secondarily by crypto flows.
“Unless we see a Fed reversal or a significant rise in demand, price pressure may persist. A short-term bounce is possible, but the market is likely to test key support levels before any sharp reversal occurs,” Karapetyanc said.
The coming week may show whether expectations of an extended Bitcoin cycle are justified or whether further decline lies ahead.
Bitcoin's 4-hour chart for the past 30 days. Source: TradingView
Optimists hope Bitcoin holds above $94,000 and closes above $99,000 and then $100,000. In that case, a move toward $105,000 becomes possible.However, a close below the critical support band of $93,900–$92,800 could trigger a deeper drop toward the $88,000–$90,000 zone.
As we wrote, Bitcoin 2028 halving: Can it survive without innovation in energy and AI
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