Bitcoin (BTC) broke new records in recent weeks, rising above $111. However, there has been a significant decline since then, and Bitcoin’s upward momentum is thought to have temporarily weakened.
At this point, BTC Markets analyst Rachael Lucas said that the Bitcoin price is at a psychological and technical turning point that could start or end the next bull run.
“Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are signaling that the current bullish momentum is starting to weaken.
However, the long-term outlook for Bitcoin is optimistic, with both analysts and market participants increasingly convinced that we may be entering the early stages of a new supercycle.
“At this point, investors are being cautious as they are not sure if this is the beginning of a short-term top or a pause before the next rise.”
Bitcoin at Decision Point!
While the analyst noted that the long-term outlook is optimistic, he said that Bitcoin is at a critical turning point and there are two possible scenarios for Bitcoin in the coming days.
Stating that Bitcoin must remain in the range of $103,000 – $105,000 at this point, the analyst assessed that a possible drop below $103,000 could extend to $93,000.
“If Bitcoin can stay in the $103,000-$105,000 range, it could rise again to $115,000.
Conversely, if it falls below $103,000, Bitcoin could drop to $93,000.”
*This is not investment advice.
