Bitcoin’s recent sell-off has damaged sentiment, but 21Shares argues that the market still has a path toward recovery if key structural supports hold. In a research note titled “Bitcoin under pressure: hold or fold?”, the asset manager outlined the pressure facing BTC while also keeping a higher-price recovery scenario on the table.
The $100,000 Path Is ConditionalThe headline number traders will focus on is the path back toward $100,000. But the important word is “path.” 21Shares’ view depends on Bitcoin defending structural support, ETF outflows easing and negative sentiment around major holders or macro shocks beginning to fade.
ETF Flows Remain Central21Shares’ argument suggests that if ETF selling pressure eases, Bitcoin may have room to stabilize. That would not automatically trigger a rally, but it could remove one of the clearest headwinds from the market. Combined with lower leverage after recent liquidations, that could create a cleaner base for recovery.
Cycle History Versus Current RiskThat is why the 21Shares note lands at a useful moment. It acknowledges the pressure while keeping the bigger recovery scenario open. For traders, the near-term question is whether Bitcoin can defend support long enough for the bull case to regain credibility. Until then, $100,000 remains a scenario to monitor rather than a destination the market has already earned.
