Analysts predict Bitcoin may fluctuate between $86,000 and $92,000.
TL;DR
Bitcoin is expected to trade between $86,000 and $92,000, with sideways movement likely until a new catalyst like options expiration emerges. Analysts caution against overinterpreting technicals and anticipate profit-taking due to year-end adjustments.
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On December 20th, Jasper De Maere, a trading strategist at Wintermute, stated that Bitcoin is likely to fluctuate between $86,000 and $92,000. He cautioned against overinterpreting technical indicators and anticipated further profit-taking over the next two weeks, primarily driven by year-end portfolio adjustments and tax factors. 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 emerging. "In the short term, I'm pretty sure we're oversold."