Bloomberg Analyst: BTC may drop below $84,000 by the end of the year, and the 'Santa Claus Rally' may not occur
According to CoinDesk, 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 capital growth, the total market capitalization needs to break through $3.32 trillion. The current total market capitalization of cryptocurrencies worldwide is approximately $3.16 trillion, which is up 2.5% from the beginning of this week but still below the previous high of $3.21 trillion.
According to CoinGlass data, leverage is the primary reason for BTC's price decline. In the past 24 hours, $376 million worth of long positions were forcibly liquidated, nearly three times the amount of short liquidations. Although the Federal Reserve announced another interest rate cut on Wednesday, expectations for fewer rate cuts in the next two years limit market support.
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 the new 'Santa Claus Rally' may not occur, and BTC may end the year below $84,000. The market is currently focused on whether BTC can hold the support area of $90,000-$91,000; if it fails to maintain this level, it may test the current range bottom, but if it stabilizes, it may challenge the resistance level of $94,000. $BTC
