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Bitcoin (CRYPTO: BTC) has bounced back toward the $87,000 zone, hinting at early signs of buyer interest at major weekly support.
But according to prominent analyst Trader Mayne, traders shouldn't get too excited.
What Happened: In his latest podcast, Mayne noted that Bitcoin's weekly close back inside a fair value gap is the strongest bullish signal seen in over a month. Still, the broader trend remains clearly bearish.
He argued that relying on the monthly chart is misleading, since monthly bearish flips often appear after deep corrections. Instead, he's watching lower time frames for confirmation.
So far, the weekly, daily, and 4H trends are still bearish.
Only the 1-hour chart has posted a legitimate bullish structure break.
For any reversal to stick, Bitcoin needs to reclaim its yearly open, until then, every bounce risks becoming just another lower high.
Also Read: Bitcoin, Ethereum, XRP, Dogecoin Edge 1% Higher On Tuesday
What's Next: Trader Mayne laid out two potential paths heading into year-end:
Macro signals could support a temporary rally. USDT dominance is rejecting resistance, and the DXY may have topped, conditions that historically align with crypto relief moves.
If Bitcoin can reclaim its yearly open, a run toward $100,000 becomes possible, potentially lifting Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and the broader altcoin market. But until BTC leads decisively, Mayne warns, altcoin upside will stay capped.
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