Analyst: Bitcoin bulls will push BTC up to $85,000, but the bottom has not yet arrived

ChainCatcher reports, according to Cointelegraph, that the price of Bitcoin has rebounded today to the $80,000 range, reaching a high of $85,120 during trading hours. This indicates some relief from selling pressure. However, market analysts warn that this rise may only be an oversold bounce and it is not yet confirmed whether Bitcoin has hit bottom.

Some traders point out that Bitcoin's technical indicators were severely oversold before and a rebound was expected. But if new buyers fail to maintain momentum or if macroeconomic conditions worsen again, BTC could fall back to recent lows. Meanwhile JJ, HighStrike Options and cryptocurrency Trading Director observed that spot buy orders on CEX have been filled up for the first time since September when Bitcoin touched a low of $52,000 with more buy orders than sell orders.

Jake O., trader at Wintermute believes there is currently a significant disconnect between market sentiment and fundamentals similar to August 2024 when BTC briefly fell below $50k due to large-scale liquidation but then quickly bounced back. He predicts larger scale bullish trades in the coming days.

Despite this Chartered Market Analyst Aksel Kibar describes BTC breaking through $78k as "a dramatic retest" but did not explicitly state whether prices had reached bottom yet. Furthermore technical analysis shows daily RSI for bitcoin still in deep oversold territory while today's bounce hasn't formed higher highs candlestick structure indicating downtrend might not be over yet.

Market sentiment continues fluctuating with short-term trends needing attention on whether subsequent buying can sustain upward trend as well as impact of macroeconomic factors on crypto markets.