After recording an 8% daily increase on Wednesday, Bitcoin may continue its recent rebound momentum. Several cryptocurrency analysts have pointed out that a local bottom for this round of adjustments may have already formed.
Bitfinex analysts stated in a report on Tuesday: "The combination of extreme deleveraging, the capitulation of short-term holders, and early signs of fatigue from sellers has created conditions for a stable phase and a technical rebound in the market."
Shortly after this comment was released, Bitcoin surged nearly 8% on Wednesday, briefly approaching $94,000. As of the time of writing, Bitcoin is trading at $91,440 according to CoinMarketCap data.
Bitfinex noted that the market is now operating on a "more streamlined leverage base," which has reduced the risk of market downturns driven by sudden liquidations.
On October 10, approximately $19 billion was wiped out from what many market participants described as an overly leveraged market, triggering a broader sell-off that pushed Bitcoin and the overall crypto market into a downward trend, with Bitcoin's price hitting a low of around $82,000 on November 21.
"This configuration reinforces the argument that the remaining leverage in the market is relatively controlled, reducing systemic vulnerability and improving the prospects for a more stable consolidation phase," he pointed out.
The late-year price correction and subsequent rebound have led more Bitcoin holders to believe that the four-year cycle theory may no longer apply, a theory that originally predicted Bitcoin's cyclical price peak should occur near the historical high of $125,100 set in October.
Given that December has traditionally been a relatively calm month for Bitcoin, with an average return of only 4.69% since December 2013 (according to CoinGlass data), Bitcoin's performance at the end of the year remains uncertain.
However, recent price movements have not followed seasonal patterns, with a 17.67% decline in November, despite November historically being Bitcoin's strongest month, with an average return of up to 41.12%.
Some analysts still believe that the upward trend may continue into next year.
Bitcoin analyst PlanC posted on the X platform on Thursday: "This Bitcoin cycle is completely different from past cycles."
He emphasized: "I have been warning and explaining this for over a year. I hope you have all been paying attention."
On the same day, Bitcoin analyst Quinten Francois stated on the X platform: "Bitcoin is currently closer to the bottom than to the top."
BitMine Chairman Tom Lee recently expressed confidence that Bitcoin could return to the $100,000 level by the end of the year.
Related: Bitcoin (BTC) has added $732 billion in capital during this cycle, leading to a shift in market structure.
Original: “Analysts: Signs of Stability in Bitcoin (BTC) Emerge, May Welcome 'Rebound'”
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