Bitcoin price traded below $100,000 on January 27, just 8% below its record high of $108,796 set seven days prior, according to CoinGecko data. While there is a short-term price rebound as of the time of writing, BTC price action has not aimed for higher levels yet.
The rebound followed a volatile 24-hour period where the cryptocurrency briefly plunged to $97,791 amid a broader market selloff triggered by a collapse in tech stocks.
While $888 million in crypto positions were liquidated during the drop, analysts like Bitwise Chief Investment Officer Matt Hougan argue the correction could be a strategic buying opportunity.
BTC vs. Traditional Hedges: A Decade of Data Reveals a Pattern
Hougan’s analysis hinges on a decade of market behavior. He noted that when the S&P 500 (SPX) drops 2% or more in a day, Bitcoin price has historically fallen 2.62% on average, while gold gains 0.11%.
But the long-term story diverges sharply: one year after such dips, Bitcoin surged 189% on average, compared to gold’s 7%. “Gold is a better one-day hedge, but Bitcoin dominates over time,” Hougan said.
The numbers align with Bitcoin’s current trajectory. Despite shedding 8% from its peak, the cryptocurrency recovered to $100,000 within hours, outperforming traditional assets. The S&P 500 fell 1.6% on July 27, while the Nasdaq 100—a $27 trillion index—dropped 2.3% amid a $500 billion wipeout for chipmaker Nvidia.
Placeholder VC partner Chris Burniske highlighted Bitcoin’s resilience relative to tech stocks. “BTC down less than NASDAQ too,” he said on January 27. The divergence underscores Bitcoin’s growing role as a risk-off alternative, even as critics label it volatile.
The selloff was partly triggered by Chinese AI firm DeepSeek’s release of a powerful and efficient new model, spooking investors about U.S. tech competitiveness.
Nvidia shares plunged 17%—their steepest drop since March 2020—erasing $500 billion from its market cap. Bitcoin, however, shrugged off the panic, buoyed by steady ETF inflows and institutional demand.
Why Analysts See $100,000 Bitcoin Price as a Critical Support Level
For now, Bitcoin’s $100,000 foothold and proximity to record highs keep bulls optimistic. Bitcoin has bounced back strongly following a recent market dip. This rapid recovery has revived discussions about a potential price surge, with analysts eyeing a climb toward the $150,000 level in the coming months.
Bitcoin briefly dropped below the $100,000 mark, hitting an intraday low of $97,750. However, by January 28, BTC had rebounded to over $103,000, gaining 5.75% from its recent low.
Observers have pointed to a bull pennant pattern on Bitcoin’s price chart, signaling continued upward momentum.

One independent analyst on X highlighted that Bitcoin’s bullish trajectory remains intact despite its temporary dip. “Even a close as low as $96,000 would still support a bullish outlook,” the analyst stated, projecting a potential move above $150,000 in the weeks ahead.