PANews May 12 news, according to The Block, analysts say that Bitcoin may set a new historical record, but the price may also experience a pullback in the short term. Vincent Liu, Chief Investment Officer of Kronos Research, pointed out that Bitcoin is close to its historical high, with strong technical indicators, and the price is above the 50-day and 200-day moving averages; the rising adoption rate by institutional investors and the optimistic outlook for 2025 provide a path for it to reach new highs.
However, the Relative Strength Index for Bitcoin indicates that it is in the 'overbought' zone. Rachael Lucas, an analyst at BTC Markets, believes that while this does not mean the price will immediately reverse, there may be price adjustments or sideways consolidation in the short term; Bitcoin's consolidation above the key psychological price level of $100,000 will be beneficial for further increases. Min Jung, an analyst at Presto Research, stated that the recent rise in the cryptocurrency market is driven by optimistic sentiment regarding Sino-U.S. trade negotiations, and there is currently a rotation phenomenon with funds flowing into other cryptocurrencies. He also mentioned that whether Bitcoin can break through its previous high depends on the progress of trade negotiations, and geopolitical tensions remain a key variable.
