Bloomberg analysts: BTC may be below $84,000 by the end of the year, and the 'Santa Claus rally' may not occur

According to market news, 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 capitalized growth, the total market capitalization needs to break through $3.32 trillion. Currently, the global cryptocurrency total market capitalization is approximately $3.16 trillion, 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 main reason for the decline in BTC prices. In the past 24 hours, $376 million in long positions have been forcibly liquidated, nearly three times the amount of short liquidations. Although the Federal Reserve announced another interest rate cut on Wednesday, expectations that the number of rate cuts may decrease over 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 warned that the new 'Santa Claus rally' may not occur, and BTC could end the year below $84,000. Currently, the market is focused on whether BTC can hold the support zone of $90,000-$91,000. If it fails to hold, it may test the current range bottom; if it stabilizes, it may challenge the resistance level of $94,000 again.

Previously, analysts noted that the market is waiting for next week's Federal Reserve FOMC meeting, expecting leadership changes to make its stance more dovish.