Analyst: Bitcoin has formed a bottom in the short term, and a rebound to $100,000 may occur.

On November 29, according to Cointelegraph, after several weeks of strong dumping, Bitcoin may be building a short-term bottom. A market analyst believes that the market conditions are in place to drive Bitcoin towards a rebound in the range of $100,000—$110,000. Trader Mister Crypto stated that Bitcoin's short-term structure is showing signs of stabilization after what he termed a “capitulation-style dumping” in the market. He noted that indicators related to trader behavior show that as market sentiment falls into the extreme fear zone, large players have begun to open new long positions, a combination that historically often signals a rebound during declines. One of the main technical signals he cited is the RSI (Relative Strength Index) on the Bitcoin weekly chart, which is currently approaching the 30 level. He said, “We are seeing the bottom for Bitcoin here. The RSI is close to 30. Boom (bottoming out).” The analyst indicated that this area has often coincided highly with market bottoms in past cycles. However, he cautioned that this does not guarantee that a new bull run has begun, but it typically indicates at least one short-term reversal may occur. Another factor supporting the rebound view is the distance between Bitcoin's current price and the 50-week moving average (approximately $102,000). According to analysis, in previous cycles, Bitcoin often rebounded to this level after breaking below this moving average. The current expectation is that Bitcoin may rebound, bringing prices back into the six-figure range, after which a deeper trend may emerge in the future. The macro environment has also increased optimism in the short term. He pointed out that the market expects quantitative tightening (QT) may soon come to an end, while speculation surrounds potential interest rate cuts at the upcoming monetary policy meeting. These two developments often loosen the financial environment, thereby favoring risk assets like Bitcoin.