From the technical chart perspective, this is indeed a downward trend with lower lows and lower highs. But that's the problem—the crypto market doesn't really follow technical analysis. Market movements are entirely driven by sentiment.

Now, the market all believes that Bitcoin won't break through $90,000, let alone any Christmas rally. Really, everyone thinks this way.

Since the consensus is so strong, the most likely scenario is—the price will break through. The market is just so counterintuitive.