#BTCNextMove Analyst: Two-digit drop in Bitcoin's profit-taking metric indicates it could be "ready" to bounce back

Bitcoin investors took profits when the price of BTC hit new all-time highs in November. Now that the metric has reset, new highs could be reached.

MARKET NEWS

The price of BTC €91,826 fell below $105,000 after reaching a new all-time high of $108,365 on December 17. The short-term drop occurred ahead of the U.S. Federal Reserve's interest rate announcement on December 18. Currently, the market anticipates a 25 basis point cut.

Despite short-term volatility, a cryptocurrency analyst highlighted a bullish scenario taking shape, with long-term Bitcoin holders positioning for future gains.