Bitcoin has been hovering within the range of $85,000 to $90,000 over the past few weeks, and the entire market has fallen into a wait-and-see mode.

Honestly, the current situation is a bit frustrating. My judgment is that we are waiting for several key signals to appear simultaneously—commodity prices topping out and the Nasdaq reaching new highs. Once these two conditions are met, Bitcoin is very likely to usher in a new round of upward momentum. Based on the current pace, the probability is higher next week. The trading during the week of Christmas has already been settled, and today happens to be the last trading day, which means risk aversion sentiment may dominate the commodity markets, as the prices of these assets have already shown a clear upward tilt.

Currently, Bitcoin holding this level itself is a good sign. If it can firmly stand above the $86,000 support level, there will be a chance to continue pushing higher. The next target is $90,000. Once this integer threshold is broken, it will mean a real breakthrough of the deadlock over the past few weeks, and the upward trend will be truly established.