Analyst: Bitcoin has bottomed out in the short term, a rebound towards $100,000 may occur

BlockBeats News, November 29, according to Cointelegraph, after several weeks of strong selling, bitcoin may be forming a short-term bottom. A market analyst believes that market conditions are now in place to support a rebound in bitcoin toward the $100,000–$110,000 range.

Trader Mister Crypto stated that bitcoin's short-term structure is showing signs of stabilization, following what he described as "capitulation selling" in the market. He pointed out that indicators related to trader behavior show that as market sentiment fell into the extreme fear zone, major players have started to open new long positions. Historically, this combination often signals a rebound during downturns. One of the main technical signals he cited is the RSI (Relative Strength Index) on bitcoin's weekly chart, which is currently approaching the 30 level. He said: "We are seeing the bottom for bitcoin right here. RSI is already close to 30. Boom (bottomed out)."

The analyst noted that in previous cycles, this area has often closely coincided with market bottoms. Although he cautioned that this does not guarantee a new bull market has begun, it usually indicates that at least a short-term reversal will occur. Another factor supporting the rebound view is the current distance between bitcoin and the 50-week moving average (around $102,000). According to the analysis, in past cycles, after bitcoin fell below this moving average, there were multiple instances of price pulling back to this level. The current expectation is that bitcoin may rebound, pushing the price back into the six-figure range, before potentially experiencing a deeper trend in the future.

The macro environment has also added to the optimism in the short term. He pointed out that the market expects quantitative tightening (QT) may be coming to an end, and there is speculation that another rate cut may be announced at the upcoming monetary policy meeting. Both developments tend to ease financial conditions, which is favorable for risk assets such as bitcoin.