Bitcoin Price Analysis: BTC Regains $102,000, But Will Momentum Continue?
Bitcoin (BTC) has rebounded after another drop below the key $100,000 level on Friday. The flagship cryptocurrency fell to an intraday low of $99,170 on Friday before reclaiming $100,000 and settling at $103,284.
According to analysts, market sentiment has turned positive as ETF inflows return, snapping a six-day outflow streak. BTC is marginally up during the ongoing session, trading around $102,287.
JPMorgan Makes Bitcoin Prediction
JPMorgan analysts have predicted that Bitcoin (BTC) could reach $170,000 within the next six to twelve months. The analysts, led by Managing Director Nikolaos Panigirtzoglou, stated in a report that the cryptocurrency market has corrected by nearly 20% from recent highs, with October 10 witnessing the sharpest decline, resulting in record liquidations. The crypto market registered substantial liquidations on November 3 as well. According to the analysts, the November 3 downturn occurred as investor confidence was shaken following the $120 million Balancer exploit, raising fresh concerns around protocol security.
However, JPMorgan analysts believe the deleveraging phase in Bitcoin perpetual futures is largely over, with the ratio of open interest in Bitcoin perpetual futures to market capitalization returning to historical norms. The analysts noted,
“In CME futures, the opposite is true; there have been more liquidations in Ethereum than Bitcoin futures.”
The analysts also stated that while there were some redemptions in ETFs, they were fairly modest compared to the weeks ending October 3 and October 10.
“Overall, we believe that perpetual futures are the most important instruments to watch in the current juncture, and the message from the recent stabilization is that deleveraging in perpetual futures is likely behind us.”
Kazakhstan Planning $1 Billion Bitcoin Reserve
Kazakhstan plans to create a $1 billion crypto reserve fund by early 2026. The fund will be funded by seized, repatriated, and mining-related assets, and will invest in ETFs and crypto-focused companies, thus avoiding direct Bitcoin holdings. According to officials, the reserve will repurpose confiscated digital assets to strengthen economic sovereignty and formalize Kazakhstan’s digital asset strategy. Astana International Financial Centre (AIFC) will manage the fund, which could also see participation from foreign entities once operational.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is down nearly 1% during the ongoing session, trading around $102,430. The flagship cryptocurrency fell below $100,000 again on Friday, dropping to an intraday low of $99,170. However, it regained momentum to reclaim $100,000 and settle at $103,284.
The recovery comes after a brutal market correction that wiped out over $1 trillion from the global crypto market, which fell nearly 20% from a peak of $4.4 trillion. According to analysts, the recovery is being fueled by renewed ETF inflows. Bitcoin ETFs snapped a 6-day outflow streak as investor sentiment improves despite substantial macro headwinds. The selloff was triggered by a hawkish stance from the Federal Reserve, which refused to guarantee rate cuts in November. Market sentiment was further soured by US-China trade tensions and a jump in Treasury yields, leading to reduced risk appetite.
According to data by CoinShares, institutional outflows from crypto ETFs crossed $600 million as risk-off sentiment dominated markets.
BTC started the previous weekend on a bullish note, rising 0.84% on Friday and 0.56% on Saturday to settle at $111,666. Bullish sentiment intensified on Sunday as the flagship cryptocurrency rose nearly 3% to cross $114,000 and settle at $114,548. BTC reached an intraday high of $116,410 on Monday. However, it lost momentum after reaching this level and settled at $114,087, ultimately dropping 0.40%. Selling pressure and volatility persisted on Tuesday as the price fell 1.03% to $112,906. Bearish sentiment intensified on Wednesday as BTC fell 2.55% and settled at $110.032. Volatility and selling pressure persisted on Thursday as BTC reached an intraday high of $111,629, fell to an intraday low of $106,279, and settled at $108,308. Despite the overwhelming selling pressure, BTC returned to positive territory on Friday, rising 1.15% and settling at $108,555.
Source: TradingView
Price action remained positive over the weekend, with BTC increasing 0.45% on Saturday and 0.44% on Sunday to settle at $110,536. Bearish sentiment intensified on Monday as BTC fell nearly 4% and settled at $106,557. Selling pressure intensified on Tuesday as the flagship cryptocurrency slipped below $100,000, falling to a low of $98,892 before settling at $101,468. BTC recovered on Wednesday, rising over 2% and settling at $103,869 despite selling pressure. BTC returned to bearish territory on Thursday, dropping 2.48% to a low of $100,235 before settling at $101,290. The price fell to an intraday low of $99,170 on Friday before recovering to reclaim $100,000 and settling at $103,284. The flagship cryptocurrency is down nearly 1% during the ongoing session, trading around $102,513.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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