Bitcoin at $88,000 range... "Year-end rebound" vs "Further adjustment"

Source: DecenterKorea Original Title: Bitcoin $88,000 Box Range···“Year-end Rebound” vs “Additional Adjustment” [Decenter Market Analysis] Original Link: https://www.decenter.kr/NewsView/2H1TU3YMBP/GZ03

Bitcoin ( BTC ) has been hovering around the $88,000 mark for a week without breaking above $90,000. As the year-end bearish trend continues, market outlook regarding future price direction is also mixed.

According to a global cryptocurrency market monitoring site on the 22nd, as of 8 AM that day, BTC was trading at $88,502.97, up 0.26% from 24 hours ago. Ethereum(ETH) increased by 0.68% to $2,997.9. Binance Coin(BNB) rose by 0.5% to $856.83, while XRP( fell by 0.83% to $1.918. Solana)SOL( is trading at $125.87, down 0.19%.

The domestic market is showing a similar trend. In the domestic cryptocurrency exchange, BTC recorded 131,646,000 won, an increase of 0.11% compared to the previous day. ETH rose by 0.56% to 4,462,000 won, while XRP is trading at 2,859 won, down 0.76%.

As the bearish trend in the cryptocurrency market continues for an extended period, experts' views on the year-end BTC price outlook are also diverging. Opinions predicting a short-term rebound coexist with analyses warning of the possibility of further adjustments.

Some believe that since BTC has remained in a long-term range, there is a possibility of a rebound soon. Cryptocurrency analyst Ted Philoos forecasted that “BTC could see a surge to around $98,000 to $100,000 before entering the next downturn.”

On the other hand, there are also many voices warning about downside risks. A blockchain analysis platform stated that BTC is still showing a bearish trend and suggested the possibility of a further decline to $70,000. The analyst noted that “the inflow of $1.4 billion worth of BTC into global cryptocurrency exchanges greatly increases the likelihood of the price adjusting to the range of $70,000 to $72,000.”

The investment sentiment in cryptocurrency remains in a state of 'extreme fear.' The Fear and Greed Index from a cryptocurrency data analysis company stands at 20 points. This index indicates that the closer it is to 0, the more the investment sentiment is repressed, while the closer it is to 100, the more it indicates market overheating.

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