Bitcoin (BTC) has entered a corrective phase, with analysts predicting a potential short squeeze towards $92,400 before renewed bearish pressure. This outlook is based on the Elliott Wave structure and liquidity levels observed above recent highs, suggesting a brief upside move followed by a possible retest of the $90,000 support level. Strong inflows into Bitcoin ETFs and the conviction of long-term holders are helping to underpin BTC within the current consolidation zone of $91,000 to $93,000.
The $92,400 Short Squeeze Scenario
According to prominent analyst Crypto Tony, as of November 27, 2025, Bitcoin is positioned within a nuanced sub-wave 4 correction of a larger bullish impulse according to Elliott Wave Theory. This theory describes market movements as repetitive cycles of five impulsive waves followed by three corrective waves. Recent price action, characterized by a series of green and red candles between $91,000 and $93,000, with dips testing support around $91,600, indicates a failure to breach lower lows. This suggests underlying strength, potentially supported by institutional inflows and the lingering momentum from earlier in the year following the halving event.
ETF Flows, Sentiment, and On-Chain Backdrop
This technical analysis aligns with broader market dynamics. Bitcoin has been consolidating after a significant rally that saw it approach $100,000 in late October, followed by a pullback influenced by macroeconomic factors such as U.S. inflation data and geopolitical tensions. The sustained inflows into spot Bitcoin ETFs, exceeding $15 billion year-to-date, have provided a crucial support level against deeper corrections.
Crypto Tony's projection of a $92,400 target suggests the potential for liquidity grabs above recent highs, where the stop-loss orders of short sellers could trigger a rapid price increase of 1-2%. However, he also cautions that this upward movement is expected to be a precursor to bearish intervention, likely targeting the $90,000 level if momentum begins to wane.
Key Support and Resistance Levels for Traders
The prevailing market sentiment reflects this cautious optimism. On-chain metrics from Glassnode indicate an increase in exchange reserves, while the conviction of long-term holders remains stable. The Fear & Greed Index is currently positioned at 65, indicating a state of "Greed." Other cryptocurrencies, such as Ethereum and Solana, are exhibiting similar sideways price action to Bitcoin, suggesting that a correlated relief rally could occur if the predicted short squeeze materializes.
Traders are advised to monitor volume spikes and the $92,000 resistance level. A decisive break above this resistance could validate further upside movement towards $95,000 in what would be wave 5. As 2025 approaches its conclusion, Bitcoin's narrative continues to emphasize resilience amidst prevailing uncertainty. Crypto Tony's analysis serves as a reminder that in the cryptocurrency market, corrections can present opportunities, but precise timing is paramount. With potential regulatory clarity anticipated from the incoming U.S. administration, the stage may be set for Bitcoin to regain its dominant position. Vigilance is key, as the next significant price movement could significantly shape December's market trajectory.