Bitcoin (BTC) fell 2.2% over 24 hours to $109,500 on Thursday, erasing half of its gains from the weekend's low of $107,000. The decline has sparked concerns among analysts about a potential deeper pullback, with historical data showing September as Bitcoin's weakest month, averaging a -4.6% return since 2011.
Ether (ETH), Solana (SOL), and Cardano (ADA) all dropped more than 3% in the same period, reflecting broad market weakness. Digital asset treasury stocks also suffered significant losses, with MicroStrategy (MSTR) down 3.2% and 30% since July, while Japan-based MetaPlanet fell 7% and trades 60% below its June high.
Analysts from Bitfinex warned that BTC has entered its third straight week of retracement from August's all-time high of $123,640. They noted that while bull-market corrections historically average around 17% peak-to-trough, there's risk of a deeper pullback if the short-term holder realized price near $108,900 fails as support. This could open the way to a retracement toward the $93,000-$95,000 supply cluster.
K33 Research analyst Vetle Lunde pointed to tariff pressures and US economic data as additional headwinds, suggesting attractive entry levels could emerge around $101,000 and $94,000. Despite the short-term bearish outlook, Lunde and LMAX Group's Joel Kruger maintain long-term optimism, citing potential ETF inflows, corporate treasury allocations, and regulatory tailwinds supporting a stronger fourth-quarter performance.
