Short-term analysis:
Current price trend: In recent days, the price of Bitcoin has decreased by more than 6.5%, from 88,000 USD to around 81,900 USD.
Support and resistance levels: The daily chart shows that Bitcoin has traded within a range from 91,000 USD to 108,000 USD since January 19, 2024. If the price drops below the support level of 81,000 USD, a deeper correction may occur in the range of 79,202 USD - 72,074 USD.
Technical indicators: The daily RSI has formed a bearish divergence and has fallen below 50, indicating increasing selling pressure.
Long-term analysis:
Overall trend: Despite short-term volatility, the long-term outlook for Bitcoin remains positive. Over the past 90 days, the price has increased by 34.68%, indicating that the bullish trend is still maintained.
Future price forecast: Some experts predict that the price of Bitcoin could reach 200,000 USD by 2025 and increase to 500,000 USD by 2029. However, it should be noted that the cryptocurrency market is highly volatile and these forecasts may change based on various economic and policy factors.
Conclusion:
In the short term, Bitcoin is facing downward pressure and may continue to correct if it fails to hold important support levels. However, the long-term outlook remains positive based on previous bullish trends and optimistic forecasts from some experts. Investors should closely monitor key support and resistance levels, along with technical indicators, to make appropriate investment decisions.
