Technical indicators show that bitcoin is difficult to get out of the "Christmas market", the coin price may continue to fluctuate slightly

He noted that "the RSI (Relative Strength Indicator) is not yet showing an 'oversold' signal on the daily chart, which could mean another round of downtrends in the near term."

Sean Rooney, head of research at cryptocurrency asset manager Valkyrie Investments, is also less bullish on bitcoin's near-term market. "Bitcoin is unlikely to return to new all-time highs before the end of the year unless it rises back up to the $53,000 to $60,000 range."