Analyst: BTC has likely bottomed out in the short term, and a rebound to $100,000 may occur

According to Cointelegraph, after several weeks of strong selling, Bitcoin may be building a short-term bottom. A market analyst believes that the market conditions are in place to drive Bitcoin to rebound into the $100,000 - $110,000 range.

Trader Mister Crypto stated that Bitcoin's short-term structure is showing signs of stabilization, following what he referred to as a "surrender-style sell-off." He pointed out that indicators related to trader behavior show that as market sentiment plunged into extreme fear, large players have begun to open new long positions, a combination that historically often signals a rebound during a downturn.

One of the key 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 noted that in past cycles, this area has often closely aligned with market bottoms.

However, he cautioned that this does not guarantee that a new bull market has begun, but it typically indicates at least one short-term reversal may 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, Bitcoin has often retraced to this level after breaking below this moving average.

The current expectation is that Bitcoin may experience a rebound, bringing the price back into the six-figure range, before potentially entering a deeper trend in the future. The macro environment has also increased optimism in the short term. He pointed out that the market anticipates that quantitative tightening (QT) may soon come to an end, while there is speculation that interest rates may be cut again at the upcoming monetary policy meeting. These two developments often ease financial conditions, which is favorable for risk assets like Bitcoin.