Analyst: The consolidation of Bitcoin prices is nearing its end, the market may welcome a strong rebound
According to Cointelegraph, since the first breakthrough of $90,000 on November 19, 2024, Bitcoin's price has been consolidating in the range of $91,000 to $108,268. Several analysts believe that the current price consolidation is about to end.
Analyst Rekt Capital pointed out that the current four-week adjustment with a drop of 15% is nearing its end and is far below the historical retracement range of 30-35%. Technically speaking, Bollinger Bands indicator shows volatility at oversold levels. In addition, it is widely expected in the market that after Trump's inauguration on January 20th he will issue executive orders favorable for cryptocurrencies; bullish options trades up to $12k have already appeared on Deribit options platform.
Analyst Trader Tardigrade predicts that after completing this final round of retracements there may be a strong rebound in the market.
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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