After reaching an all-time high of $108,446, $BTC has corrected sharply, losing over 15% of its value. Despite attempts to recover, the cryptocurrency's price continues to decline.
Experts predict a further drop to $90,000 by the New Year. The reason for this development of events is several factors:
Strong resistance zone: A strong resistance zone has formed at the level of $97,500 - $99,800, which has not yet been overcome.
Declining interest from institutional investors: The outflow of funds from Bitcoin funds indicates a decline in interest in the market from large players.
Technical analysis: A breakout of the uptrend line signals a change in trend to bearish.
Thus, the short-term outlook for Bitcoin does not look very optimistic. However, long-term investors may consider this as an opportunity to buy the asset at a lower price.
