Bitcoin's current trading price below $100,000 represents a significant mispricing, according to Bitwise. Despite a recent dip, several factors suggest that this situation is unlikely to last.
As of late November 2025, Bitcoin is trading around $87,073, up over 3% on the day, but still down more than 30% from its all-time high of $126,000 in early October. Earlier in the month, BTC had fallen as low as $80,000. This correction has placed many 2025 Bitcoin buyers at a loss, with the average buyer being down 13%.
However, optimism persists, with some analysts pointing to whale accumulation at these levels as a potential sign of an upcoming recovery if market conditions stabilize. QCP Capital noted that Bitcoin had rebounded to $106,000 after dips below $100,000, fueled by optimism surrounding a potential US government shutdown resolution. This occurred despite ongoing spot ETF outflows and selling from long-term holders, indicating underlying strength in the market.
Adding to the bullish sentiment, Bitcoin futures on Deribit expiring in March, June, and September 2025 have already traded above $100,000. Furthermore, the BTC call option at the $100,000 strike boasts an open interest of over $2 billion, signaling strong expectations of future price appreciation.
Hunter Horsley, CEO of Bitwise, has emphasized that Bitcoin's potential market extends beyond gold to include government bonds, suggesting a significant runway for growth. This perspective aligns with a broader trend of investors seeking alternative safe havens amidst concerns about U.S. deficit spending and the reliability of traditional assets like U.S. Treasuries. Concerns about the U.S. national debt, which is approaching $37 trillion, are driving investors towards assets with a limited supply and decentralized nature, like Bitcoin.
The Federal Open Market Committee (FOMC) is scheduled to convene in December for its final interest rate policy meeting of the year, and their decision could impact Bitcoin's trajectory. Uncertainty surrounding potential rate cuts has contributed to risk-off sentiment and Bitcoin's recent decline. However, any dovish signals from the Fed could provide a boost to risk assets, including Bitcoin.
In summary, while Bitcoin has experienced a significant correction and is currently trading below $100,000, several factors suggest that this mispricing is temporary. Strong underlying demand, positive futures market signals, increasing adoption as a store of value, and potential shifts in monetary policy all point towards a potential recovery and further price appreciation for Bitcoin.
