Bitcoin (BTC) has been hovering around the $88,000 level for a week, unable to surpass $90,000. As the year-end bearish trend continues, market expectations regarding the future price direction are mixed.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:00 AM on the 22nd, BTC was trading at $88,502.97, up 0.26% from the previous 24 hours. Ethereum (ETH) rose 0.68% to $2,997.9. Binance Coin (BNB) rose 0.5% to $856.83, and XRP fell 0.83% to $1.918. Solana (SOL) is trading at $125.87, down 0.19%.
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The domestic market is experiencing a similar trend. On Bithumb, a domestic cryptocurrency exchange, BTC rose 0.11% from the previous day to 131,646,000 won. ETH is trading at 4,462,000 won, up 0.56%, and XRP is trading at 2,859 won, down 0.76%.
As the bearish trend in the cryptocurrency market continues, experts' views on the year-end BTC price outlook are mixed. While some predict a short-term rebound, others are wary of further corrections.
Some are weighing the possibility of a near-term rebound, given BTC's prolonged trading range. Cryptocurrency analyst Ted Pillows predicted via X that "BTC could surge to between $98,000 and $100,000 before entering its next downtrend."
On the other hand, there are many voices wary of downside risks. Blockchain analysis platform CryptoQuant suggests that BTC is still exhibiting a bearish trend and suggests a further drop to $70,000. CryptoQuant contributor CryptoOnChain analyzed, "The inflow of $1.4 billion worth of BTC into the global cryptocurrency exchange Binance significantly increases the likelihood of a price correction to the $70,000-$72,000 range."
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me remains at 20 points, unchanged from the previous day. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Kim Jeong-woo
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