🎈Let's talk about the current situation🧧
The market has been speculating on coin prices since November due to Trump's election victory, and the annual target of 100,000 has been achieved.
Personally, I believe the current decline has several purposes:
1️⃣ In November, coin prices were driven up due to Trump's election victory to facilitate selling in December and January. The decline around Trump's inauguration was likely intended to shift the blame for the drop onto Trump, increasing pressure on him from all sides.
2️⃣ The demand for Bitcoin remains high, and major institutions hope to buy in at lower prices to gain greater profits.
3️⃣ Wall Street institutions have almost reached a consensus on "observing the economic situation in Trump’s first 100 days in office." The economic and political performance in the first 100 days post-inauguration has become a key factor for major institutions in deciding their next moves, so they choose to sell some assets during this period as a relatively safer option.
In the short term, the outlook is bearish, while in the long term, it is bullish. Perhaps the global peak is 108,000, or maybe 108,000 is just a temporary peak. Everything still depends on Trump's economic performance post-inauguration and the Federal Reserve's response measures to the economy.
In the short term, the market is looking at whether the support at 90,000 can hold. If it holds, I personally believe it may slightly break through 90,000, reach the point indicated in the chart, and then rise. If it doesn't hold, the decline over the next few weeks could target 81,000—80,341.
