Trader Nachi: Bitcoin breaks below the key range, and the market is unlikely to show significant recovery before the end of the year

Crypto trader Nachi stated in the latest market analysis that after Bitcoin fell below the key level of $100,000 and briefly rebounded, it subsequently lost the core pivot range again, and the overall trend remains weak. He pointed out that the U.S. stock market is experiencing weakened momentum due to the decline in expectations for a rate cut in December and the delay in the government shutdown, leading investors to prefer taking profits at the end of the year.

Nachi believes that although there is still some downside risk for crypto assets, the market has already seen a significant correction, and the potential for shorting again may be limited at this time. In contrast, crypto-related stocks such as Coinbase (COIN) and Robinhood (HOOD), which had previously performed strongly, still have the possibility of further declines, offering a better risk-reward ratio, but shorting operations need to remain flexible. He suggests that investors who are not skilled at shorting could increase their cash positions and wait for a more favorable entry opportunity, and he expects that the overall crypto market is unlikely to show a significant recovery before the end of the year.