403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Bitcoin Dips To $93,550: Analysts Divided On Short-Term Outlook
(MENAFN- The Rio Times) Bitcoin's price dipped to $93,550.01 on December 29, 2024, marking a 0.49% decrease in 24 hours. This decline continued the downward trend that began on December 28. The Cryptocurrency has fallen over 13% from its all-time high of $108,000 on December 17.
Market makers attribute this volatility to several factors. Profit-taking after reaching record highs has played a significant role. Regulatory uncertainty looming over the crypto industry has also contributed to the bearish sentiment. Additionally, institutional investors have begun their year-end portfolio rebalancing.
Technical indicators suggest overbought conditions, further fueling the downward pressure. The Bitcoin Taker-Buy-Sell Ratio dropped to 0.92, indicating bears currently control the market. Analysts remain divided on Bitcoin's short-term outlook.
Aksel Kibar, a respected technical analyst, predicts Bitcoin could fall to around $80,000 in the near future. He bases this forecast on a head and shoulders pattern visible in the charts. The ForexX Mindset echoes this sentiment, warning of a potential drop to $81,500.
However, not all market participants share this bearish view. Blockware, a prominent crypto mining company, maintains an optimistic outlook. They project Bitcoin could reach between $150,000 and $400,000 in 2025. This wide range reflects the inherent uncertainty in cryptocurrency markets.
Spot Bitcoin ETFs have experienced significant outflows recently. They saw $1.5 billion in outflows over four days from December 19 to 23. The largest single-day outflow reached $671.9 million on December 19. Despite these recent withdrawals, US spot Bitcoin ETFs have recorded impressive net inflows of $35.66 billion for 2024.
Technical analysis reveals key levels for traders to watch. Support lies at $92,118, while resistance stands at $97,149. The Relative Strength Index (RSI) sits at 42, indicating neutral conditions. Bitcoin currently trades below its 20-day exponential moving average but remains above the critical 200-day EMA.
Bitcoin Dips to $93,550: Analysts Divided on Short-Term Outlook
Trading volume remains robust despite the price decline. The 24-hour trading volume stands at $33,800,744,960, showing active market participation. This high volume suggests traders continue to see opportunities in Bitcoin's volatility.
Matt Hougan, Chief Investment Officer at Bitwise, offers a long-term bullish perspective. He states, "The fundamentals driving Bitcoin adoption remain strong. We project Bitcoin could reach $200,000 by 2025." Hougan cites increased institutional investment through new ETF products as a key driver.
As always, the cryptocurrency market remains highly unpredictable. Investors should approach with caution and conduct thorough research. The coming days will likely bring further volatility as market participants digest recent events and position themselves for the new year.
Market makers attribute this volatility to several factors. Profit-taking after reaching record highs has played a significant role. Regulatory uncertainty looming over the crypto industry has also contributed to the bearish sentiment. Additionally, institutional investors have begun their year-end portfolio rebalancing.
Technical indicators suggest overbought conditions, further fueling the downward pressure. The Bitcoin Taker-Buy-Sell Ratio dropped to 0.92, indicating bears currently control the market. Analysts remain divided on Bitcoin's short-term outlook.
Aksel Kibar, a respected technical analyst, predicts Bitcoin could fall to around $80,000 in the near future. He bases this forecast on a head and shoulders pattern visible in the charts. The ForexX Mindset echoes this sentiment, warning of a potential drop to $81,500.
However, not all market participants share this bearish view. Blockware, a prominent crypto mining company, maintains an optimistic outlook. They project Bitcoin could reach between $150,000 and $400,000 in 2025. This wide range reflects the inherent uncertainty in cryptocurrency markets.
Spot Bitcoin ETFs have experienced significant outflows recently. They saw $1.5 billion in outflows over four days from December 19 to 23. The largest single-day outflow reached $671.9 million on December 19. Despite these recent withdrawals, US spot Bitcoin ETFs have recorded impressive net inflows of $35.66 billion for 2024.
Technical analysis reveals key levels for traders to watch. Support lies at $92,118, while resistance stands at $97,149. The Relative Strength Index (RSI) sits at 42, indicating neutral conditions. Bitcoin currently trades below its 20-day exponential moving average but remains above the critical 200-day EMA.
Bitcoin Dips to $93,550: Analysts Divided on Short-Term Outlook
Trading volume remains robust despite the price decline. The 24-hour trading volume stands at $33,800,744,960, showing active market participation. This high volume suggests traders continue to see opportunities in Bitcoin's volatility.
Matt Hougan, Chief Investment Officer at Bitwise, offers a long-term bullish perspective. He states, "The fundamentals driving Bitcoin adoption remain strong. We project Bitcoin could reach $200,000 by 2025." Hougan cites increased institutional investment through new ETF products as a key driver.
As always, the cryptocurrency market remains highly unpredictable. Investors should approach with caution and conduct thorough research. The coming days will likely bring further volatility as market participants digest recent events and position themselves for the new year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment