In his opinion, the short-term market structure shows signs of stabilization after capitulation. The data indicates that large players are opening new long positions in Bitcoin. Meanwhile, investor sentiment is in the extreme fear zone, which has historically preceded a recovery in prices.

The Relative Strength Index (RSI) has approached the value of 30. In previous bullish cycles, this mark coincided with market lows and reversals.

The likelihood of a rebound is supported by the deviation of Bitcoin's trend from the 50-week moving average chart, which currently stands at $102 000. Most often, the cryptocurrency has restored parity with this metric.

Mister Crypto also noted the favorable macroeconomic environment for digital gold. Markets expect the US Federal Reserve to halt its quantitative tightening policy and lower the key interest rate in December.

Regarding the long-term prospects of cryptocurrency, the expert gave a cautious forecast. In his assessment, the market is generally in a bearish phase, and a new decline may follow the recovery, as the conditions for sustainable growth have not been established.

Let us remind you that ARK Invest analysts listed December drivers for bitcoin.

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