Analysts predict that Bitcoin may fluctuate between $86,000 and $92,000.
TL;DR
Bitcoin may trade between $86,000 and $92,000, with sideways movement expected until a new catalyst like December options expiration. Short-term oversold conditions suggest a potential bottom, but caution is advised against over-interpreting technicals.
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According to ChainCatcher, Jasper De Maere, a trading strategist at Windemute, suggests that Bitcoin may fluctuate between $86,000 and $92,000. He cautions against over-interpreting technical indicators and anticipates further profit-taking over the next two weeks, primarily driven by year-end portfolio adjustments and tax considerations.
He expects Bitcoin's sideways movement to continue until a new catalyst emerges, one of which could be the large-scale options expiration in late December. De Maere stated that while it's too early to declare the market bottomed out, signs of a bottom are beginning to appear. "In the short term, I'm pretty sure we're oversold."