📊 Analyst Shares What to Expect Next in the Declining Bitcoin Price
In a recent analysis, BRN analyst Valentin Fournier suggested that Bitcoin could revisit the $62,500 support level in the near future. Fournier noted that the market appears to be in an accumulation phase and no significant directional movement is expected at this time.
💬 “We believe the market is currently in an accumulation phase and will potentially retest the $62,500 support in the near future,” Fournier said. “Since no major move is expected, we recommend reducing exposure.”
Looking forward, Fournier hinted at a more optimistic medium-term outlook. He suggested that as Bitcoin accumulates liquidity, BTC could surpass the $70,000 resistance level. However, he noted that recent trends such as minimal positive net flows in spot Bitcoin exchange-traded funds reflect investor indecision despite an overall positive sentiment.
Fournier also highlighted a potential obstacle to a clear upward trend: Kamala Harris's improving chances in the US presidential race. “Kamala Harris has greatly increased her chances of winning the US presidential election, triggering fears of a possible anti-cryptocurrency stance and waning enthusiasm that has followed Trump's speech and promises,” Fournier said.
