Forex Forecast
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saqibsultan200.bsky.social
Forex Forecast
@saqibsultan200.bsky.social
In summary, while Bitcoin's current price and recent analyses suggest potential for further gains, it's crucial to monitor key support and resistance levels, as well as upcoming regulatory developments, to inform your trading decisions.
January 20, 2025 at 8:24 AM
Recent bearish patterns, such as a bearish engulfing pattern and a drop below the 50-day moving average and the RSI threshold, indicate weakening momentum in Bitcoin’s rally.
January 20, 2025 at 8:24 AM
Key support levels to watch include $92,000, $87,000, and possibly down to $74,000, where longer-term investors might accumulate. Resistance levels to monitor are at the psychological $100,000 mark and the significant $106,000 level where traders might take profits.
January 20, 2025 at 8:24 AM
economic data that has driven up Treasury yields and heightened investor concerns about potential delays in Federal Reserve interest rate cuts. On Wednesday, spot Bitcoin ETFs recorded substantial outflows, indicating cautious sentiment among institutional investors.
January 20, 2025 at 8:24 AM
Technical indicators also provide insights into Bitcoin's potential movements. According to a recent analysis, Bitcoin experienced a significant surge above $100,000 earlier this week but has since declined due to stronger-than-expected
January 20, 2025 at 8:24 AM
Additionally, institutional portfolio rebalancing in January could further influence Bitcoin's price.
January 20, 2025 at 8:24 AM
Using Elliott wave theory, Glover predicts a possible correction to $89,000 before a surge past $125,000. Analysts emphasize key support levels at $87,000 and $77,000, cautioning that failure to meet bullish expectations could lead to declines.
January 20, 2025 at 8:24 AM
Bitcoin, currently fluctuating below $100,000, might peak above $125,000 or drop towards $77,000. John Glover of Ledn suggests that if Trump fulfills his pro-crypto promises soon, such as creating a strategic bitcoin reserve, Bitcoin might reach new highs.
January 20, 2025 at 8:24 AM
However, it's important to note that Bitcoin's price trajectory in the first quarter of 2025 hinges on President-elect Donald Trump's actions concerning the crypto industry.
January 20, 2025 at 8:24 AM
Moreover, recent price movements have been primarily driven by short-term holders, with long-term holder behavior indicating further potential for upward movement. Institutional participation and the introduction of Bitcoin ETFs have also influenced Bitcoin's metrics,
January 20, 2025 at 8:24 AM
On-chain metrics such as the MVRV Z-score and net unrealized profit and loss suggest that Bitcoin has not reached a cycle peak. Analysts believe Bitcoin would need to exceed $200,000 for the MVRV Z-score to hit values historically associated with market tops.
January 20, 2025 at 8:24 AM
The bullish outlook is supported by expected global liquidity increases, likely interest rate cuts by the Federal Reserve, and anticipated favorable regulatory changes under President-elect Donald Trump's administration.
January 20, 2025 at 8:24 AM
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January 17, 2025 at 9:38 AM
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