Bitcoin (BTC) has broken new records in recent weeks, rising above $111. However, it has since declined significantly, and it is believed that Bitcoin’s upward momentum has temporarily weakened.
At this point, BTC Market analyst Rachel Lucas said Bitcoin prices are at a psychological and technical turning point where the next Bull Run could begin or end.
“Indicators such as the relative strength index (RSI) and moving average convergence divergence (MACD) indicate that the current bullish momentum is beginning to weaken.
However, Bitcoin’s long-term outlook is optimistic, and we are increasingly confident that both analysts and market participants could enter the early stages of a new supercycle.
“At this point, investors are cautious as they don’t know if this is the start of the short-term top or a pause before the next rise.”
Bitcoin is the deciding point!
Analysts pointed out that the long-term outlook is optimistic, but said Bitcoin is at a critical turning point and that there will be two scenarios for Bitcoin in the coming days.
At this point, saying that Bitcoin should remain in the $103,000-$105,000 range, analysts rated the drop, which could be extended to $93,000, to a potentially lower than $103,000.
“If Bitcoin can stay in the $103,000-105,000 range, it could rise to $115,000 again.
Conversely, if it falls below $103,000, Bitcoin could drop to $93,000. ”
*This is not investment advice.
