Trader Nachi: Bitcoin breaks below key range, market unlikely to see significant recovery before year-end.

In his latest market analysis, crypto trader Nachi stated that although Bitcoin rebounded briefly after falling below the key $100,000 level, it subsequently broke below its core support level again, maintaining an overall weak trend. He pointed out that the US stock market's momentum weakened due to decreased expectations of a December rate cut and the postponement of the government shutdown, with investors inclined to take profits at the end of the year. Nachi believes that while crypto assets still face some downside risks, the market has already experienced a significant correction, and further shorting at this point may have limited upside potential. In contrast, previously strong crypto-related stocks such as Coinbase (COIN) and Robinhood (HOOD) still have the potential for further declines, offering a better risk-reward ratio. However, shorting requires flexibility. He suggests that investors who are not skilled at shorting should increase their cash positions and wait for a more favorable entry point, and predicts that the overall crypto market is unlikely to see a significant recovery before the end of the year.