Short-term: From the trend during the day on August 6th, Bitcoin continues its downward trend. Yesterday, Bitcoin rebounded after hitting the support level, but fell again when it rebounded to the resistance zone of $114,000-$114,500 in the early morning. This morning, after reaching that resistance zone again, it continued to decline. In the intraday level, we should first pay attention to the $112,500-$113,000 range. If it breaks below $112,500, the market may directly drop to the $110,000-$111,000 range.
● Mid to long-term, multiple analysts are optimistic about Bitcoin's mid to long-term trend. Standard Chartered Bank reaffirmed its target of $200,000 by the end of 2025, and Bernstein raised its target price from $150,000 to $200,000. Technical analysis shows that the weekly level has broken out of an inverted head and shoulders pattern, with the neckline around $117,000. According to classic technical theory, the theoretical target for this pattern points above $150,000.
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