Bitcoin finds itself struggling to reclaim significant price territory, specifically the $88,000 level, as global economic shifts add to its volatility. As anticipation builds for former President Donald Trump’s upcoming address focusing on the Federal Reserve’s leadership, potential outcomes could have far-reaching effects on financial markets. A renowned crypto forecaster holds a pessimistic view, warning that such circumstances could adversely affect altcoin markets.
Can Bitcoin Maintain Its Equilibrium?
Multiple upcoming decisions hold sway over the cryptocurrency market’s future. Notable events include an impending high court verdict, MSCI’s new classification of crypto reserve firms as funds, and a prospective interest rate hike in Japan. Japan’s announcement is slated for Friday, while the U.S. inflation report is expected this week, forming a critical juncture for the broader financial outlook.
Bitcoin recently lost its foothold at $88,000, as was anticipated given the decline in risk appetite. Roman Trading foresaw a slight recovery from recent downside moves. Despite this recovery, the forecaster remains firm on targeting Bitcoin at $76,000.
“Bull waves formed + volume on decline was low. I perfectly predicted this bounce point. However, I don’t believe it will lead to anything substantial. In the near future, Bitcoin (BTC) will reach $76,000.”
Is A Bitcoin Rebound Near?
Mark Cullen, an analyst, predicts that short liquidations positioned above $95,000 are poised for clearing, forecasting an $8,000 rally potential from those levels. A preliminary liquidation around $83,000 is possible before that. If his predictions hold true, it could lead to Bitcoin’s value surpassing the $98,000 mark.
Technically, Mark’s projections are echoing the wider market sentiment. His insights reflect a cautious optimism in the face of market tensions.
“With yesterday’s sell-off, BTC reached the Fib golden zone of the bullish move. I expect a bounce and a higher low from here, but as the pain continues, November’s low levels will likely be revisited.”
Key global economic factors are currently shaping Bitcoin’s fate:
- U.S. inflation figures are eagerly awaited on Thursday.
- Japan’s potential interest rate alteration is set for Friday.
Both factors are poised to impose substantial challenges for cryptocurrencies, reinforcing Mark’s prediction of a short-term price dip.
