Bitcoin (BTC) is trading around the $91,500 mark, registering an increase of just over 1% during the past 24 hours. Market watchers have mixed predictions about BTC’s future price movements. CryptoQuant has stated BTC may decline to $70,000 before resuming its uptrend or consolidate between $87,000-$93,000 before going past $100,000. ARK Invest’s Cathy Wood, a long-time supporter of BTC, has stated that despite its impressive performance, the asset has a long way to go before reaching its full potential, adding that ARK Invest remains confident in the asset’s future trajectory. Wood believes BTC will continue to gain momentum as regulatory concerns ease under a new administration.
BTC has registered a marginal decline since registering a new all-time high just under a week ago. However, buyers have prevented a drop below $90,000, indicating that bullish sentiment could resume and power the asset past $100,000.
Looking at the price chart, BTC may have entered into a consolidation phase after setting a new all-time high, with the price oscillating between $88,000 and $93,000. BTC started the previous week with a significant increase of 9.43% and settled at $87,706. However, it faced considerable selling pressure on Tuesday, dropping to a low of $82,709 before recovering and settling at $87,210, registering a marginal decline. Bullish sentiment returned Wednesday as BTC surged to a new all-time high, hitting $93,434 before declining and settling at $90,150. However, sellers regained control on Thursday as BTC fell just over 3%, slipping below $90,000 and settling $87,324
Friday saw BTC recover and push back above $90,000, rising almost 4% and settling at $90,726. However, BTC turned bearish over the weekend, dropping by 0.67% on Saturday and 0.73% on Sunday to slip below $90,000 and settle at $89,464. Buyers attempted to go above $93,000 on Monday as the price rose to an intraday high of $92,549 before declining and settling at $90,509. The current session sees BTC up by 1.25% and trading around $91,600 as it inches towards the $92,000 mark.
So, what next for BTC? Analysts expect BTC to enter a period of consolidation before breaking past $95,000 and surging to $100,000. On the other hand, some analysts predict a considerable decline in the short term which could see the price drop to $70,000 before resuming its upward trajectory. However, the consensus is BTC will push above $100,000 during this bull run
