The latest bitcoin bounce could bring the token back to the $100,000 mark as oversold conditions and seasonal trends become more favorable, according to BTIG.
Bitcoin has fallen 36% from its peak, but is now in an oversold state and entering a period that has historically marked a turning point.
"We believe that bitcoin is now ready to continue its recovery to at least the 100k level," said Jonathan Krinsky of BTIG.
The average seasonal model shows that the cryptocurrency usually bottoms out around November 26 and gains momentum by the end of the year.
Ethereum, which has fallen 47% from its highs, has dropped to the level of solid technical support. The trend remains negative, but the move to 3400 looks reasonable, analysts say.
BTIG also pointed to signs of resilience in mining stocks. The Barclays cryptomining index has held support and may rise by another 15% before meeting resistance. Individual companies have also begun to deviate from the broader downturn.
Cipher Mining and Terawulf have been noted as showing relative strength during the retreat of cryptocurrencies.
The BTIG analyst stated that MicroStrategy has the potential to trade back to the average. The stock has fallen 63% from its summer peak and is now at a level that BTIG considers strong support. Analysts of the brokerage company have a "buy" rating and a target price of $630.
This forecast appeared at a time when the crypto markets are trying to stabilize after weeks of sales. BTIG's point of view is based on technical factors rather than changes in demand or regulation, emphasizing that oversold conditions and improving seasonality can provide a short-term boost even if long-term trends remain uncertain.
The firm added that the week of Thanksgiving often coincides with a reset of momentum for digital assets, reinforcing expectations of a tactical upward move in December.