Bitcoin (BTC) may reportedly be regaining the momentum needed to approach the $100,000-mark again, according to a new call from BTIG.

“After a -36% peak-to-trough decline, we think Bitcoin is now poised to continue its reflex rally at least back towards 100k,” stated BTIG analyst Jonathan Krinsky, according to a CNBC report. 

Bitcoin’s price rose nearly 2% in the last 24 hours, trading at around $92,680. On Stocktwits, retail sentiment around the apex cryptocurrency trended in ‘bullish’ territory over the past day as chatter dipped to ‘normal’ from ‘high’ levels. 

Despite the recovery, Bitcoin’s price is still nearly 27% below its all-time high of over $126,000 seen in October, earlier this year. 

BTIG also reportedly noted that Cipher Mining (CIFR) and Terawulf (WULF) are “showing impressive performance during the crypto pullback.” 

Cipher Mining’s stock gained more than 7% in morning trade on Friday, while Terawulf’s stock rose more than 5.5%. On Stocktwits, retail sentiment around CIFR remained in ‘bearish’ territory amid ‘low’ levels of chatter over the past day, and retail sentiment around WULF was in the ‘bullish’ zone, with chatter dipping to ‘low’ from ‘normal’ levels.

In its note, BTIG said investors are rotating from risk-on exposures into risk-off assets, including gold, reflecting concerns about stretched valuations in artificial intelligence stocks, which share a significant investor base with crypto.

It added that traders are also navigating mixed U.S. economic data released in recent federal reports. 

The third factor, according to BTIG, is that long-term Bitcoin holders are continuing to sell portions of their positions, reflecting a widely held view that Bitcoin follows a recurring four-year cycle tied to its scheduled programmatic supply reductions.

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