Bitcoin has soared over 39% since November 5th, reaching a record high of $93,250, but has since pulled back to around $88,800. Analyst Quinten Francois anticipates a further retracement, potentially dropping below $80,000 due to a CME gap at $78,000. Such corrections can offer liquidity for future gains.
Francois noted additional support levels at $72,000 and $69,000, with the potential for BTC to return to pre-Trump election prices. Trump's pro-Bitcoin policies, including establishing it as a US strategic reserve asset, could positively impact prices.
Pro-crypto Senator Cynthia Lummis introduced the Bitcoin Act to increase US reserves, potentially reducing market supply. Francois predicts a bear market for crypto may emerge between 2026 and 2027, with a prolonged bull run likely beforehand.
Francois cautioned that if the $78,000 CME gap isn't filled before a rally, it may need addressing during the bear market, suggesting possible future price fluctuations.
