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Bitcoin extended its rebound on Thursday, lifting hopes that the cryptocurrency market may stabilize after weeks of pressure. The largest cryptocurrency climbed to a two-week high near $94,000, still below October’s record of $126,000. The move followed a sharp correction that erased more than $1 trillion from the total crypto market value since early October.
Bitcoin reached an intraday gain of approximately 2.6% trading near $93,965 as buyers returned after recent weakness. Ether advanced more than 4% in the same session, supported by interest around Ethereum’s Fusaka upgrade, which aims to improve the network’s speed and overall efficiency. The upgrade added a boost to broader market sentiment, giving major altcoins some lift, though many smaller tokens moved unevenly through the day.
Market data shows that October’s downturn started from an overleveraged backdrop. Around $19 billion in leverage vanished on October 10, pushing Bitcoin toward a local low close to $82,000 in late November. The flush-out, combined with recent short liquidations of approximately $400 million across tokens, created a leaner derivatives environment.
Bitfinex analysts said extreme deleveraging, capitulation by short-term holders, and early signs of seller fatigue now support a “relief bounce.” They argue that the market operates on a healthier leverage base, which reduces the risk of another sudden, cascade-driven drop.
Despite the rebound, many traders still tread carefully. FalconX’s APAC derivatives lead Sean McNulty noted a lack of aggressive buyers “on the top side” and described overall sentiment as fragile. A modest $59 million inflow into the 12 US-listed Bitcoin ETFs on Tuesday underscored that caution.
FxPro chief market analyst Alex Kuptsikevich pointed to “vital signs” of an emerging upward trend, citing the recent low as a potential new bottom. QCP Group CEO Melvin Deng described the move as a relief rally but said Bitcoin could “reclaim some momentum,” calling current levels attractive for under-deployed investors.
Several market analysts also question the traditional four-year Bitcoin cycle. Analyst PlanC argued that this cycle “is not like past cycles,” while Quinten Francois said Bitcoin looks “closer to the bottom than to the top,” suggesting limited downside from current levels.
On stage at Binance Blockchain Week, Ripple Chief Executive Brad Garlinghouse laid out an ambitious view for Bitcoin, saying he believes the coin could climb to $180,000 by the end of 2026. Sharing the panel, Solana Foundation President Lily Liu said she expects Bitcoin to surge past $100,000.
At the same time, Binance CEO Richard Teng avoided giving specific targets and instead stressed that he pays more attention to long-term growth than to short-term price swings.
BitMine chair Tom Lee recently said he believes Bitcoin can reclaim $100,000 before the end of this year. For now, Bitcoin trades near $93,000, well off its October peak but showing signs of stabilization as traders assess whether this rebound can mature into a broader uptrend.
Also Read: Ethereum News Today: Tom Lee Bullish on ETH, Thinks it is Close to Hitting its Bottom
