Bloomberg Analyst: BTC May Fall Below $84,000 by Year-End, 'Santa Claus Rally' Unlikely to Occur
According to ChainCatcher, FxPro Senior Market Analyst Alex Kuptsikevich stated that since November 21, BTC has shown a trend of gradually rising local highs and lows. However, to confirm that the rebound marks the beginning of capitalized growth, the total market capitalization needs to break through $3.32 trillion. Currently, the global cryptocurrency market capitalization is about $3.16 trillion, up 2.5% from the beginning of the week, but still below the previous high of $3.21 trillion.
According to CoinGlass data, leverage is the main reason for the decline in BTC prices. In the past 24 hours, $376 million in long positions were forcibly liquidated, nearly three times the amount of short liquidations. Although the Federal Reserve announced another rate cut on Wednesday, expectations that the number of rate cuts may decrease over the next two years have provided limited support to the market. QCP Capital expects BTC to fluctuate between $84,000 and $100,000 before the end of the year, while Bloomberg analyst Mike McGlone warns that a new 'Santa Claus rally' may not occur, and BTC may end the year below $84,000. The market is currently watching whether BTC can hold the $90,000-$91,000 support zone; if it fails, it may test the bottom of the current range, but if it stabilizes, it may challenge the $94,000 resistance level again.
Previously, it was reported that the market is quietly awaiting next week's Federal Reserve FOMC meeting, with expectations that leadership changes will make its stance more dovish.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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