Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, appeared to have fallen short of expectations for massive upside momentum following pro-crypto Donald Trump’s presidential inauguration. Currently, the overall market seems to be struggling, with a few cryptocurrencies witnessing price rallies while others appear to be moving sideways or consolidating.
Bitcoin’s Ongoing Consolidation
Amid this market uncertainty, BTC seems to be consolidating in a tight range near the resistance level of $108,000, between the $100,000 and $108,000 levels. However, the price of Bitcoin is now falling toward the lower boundary of the consolidation.
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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