Crypto Ghazi

01/24 09:53

Bitcoin Technical Analysis and Price Prediction 

Bitcoin Technical Analysis and Price Prediction 

According to expert technical analysis, BTC appears bearish as it has formed a bearish divergence on the daily time frame.

A bearish divergence occurs when the price of an asset makes higher highs, but a technical indicator, such as the Relative Strength Index (RSI), makes lower highs. This divergence indicates that upward momentum is weakening and suggests a potential price decline in the coming days.

Based on the recent price action, if BTC remains below the $108,000 level, there is a strong possibility it could decline by 11% to reach its next support near the $92,000 mark. However, it will be challenging for an asset like BTC to experience a significant price decline, even with a pro-crypto president in office.

BlackRock’s CEO BTC Prediction

In addition to the recent price action and technical analysis, on January 22, 2024, BlackRock CEO Larry Fink made a bold prediction that BTC could reach $500,000, $600,000, or even $700,000 in the future, as reported by CoinPedia.

This predicted BTC target will only be achieved once it breaks the resistance at $108,000; otherwise, the price is likely to continue consolidating further.

Current Price Momentum

Currently, BTC is trading near $104,100 and has experienced a price decline of over 2.65% in the past 24 hours. During the same period, its trading volume has dropped by 35%, indicating lower participation from traders and investors compared to previous days.

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