In the next three months, Bitcoin’s short-term trend will be like a roller coaster ride, full of surprises and challenges.
As of the end of June 2024, the price of Bitcoin has stabilized at approximately $60,697. Within this price range, Bitcoin's performance is a bit like hovering on the edge of a peak of $70,000, and sliding back to the bottom of $60,000 from time to time, leaving people wondering where it will go next.
From a technical analysis perspective, Bitcoin is currently in an uncertain stage. The RSI (relative strength index) on the weekly chart shows that the market is currently trending towards optimism, but it is not yet a very definite upward trend. When the RSI reads above 50, it usually means bulls (buyers) are in the driver's seat and prices are expected to continue rising.
Looking at the moving averages again, the 50-day moving average crossing above the 200-day moving average is often regarded as a strong bullish signal. However, on the daily chart, Bitcoin is still moving within a wide trading range, which means that the market has not really decided on a direction yet.
The MACD (Moving Average Convergence and Divergence) indicator is currently giving a bearish signal, indicating that Bitcoin may face some downward pressure in the short term. Therefore, in this case, it is best to remain patient and wait for the market to give clearer directional signals.
In terms of market sentiment, the current situation is a bit like watching a wonderful football game. The audience is both expectant and cautious. Everyone is paying attention to whether Bitcoin can break through the critical point of $70,000. If there is a stable break above this point, then we could see a move towards $80,000. However, if the bulls (buyers) are unable to sustain their efforts, we may also see a pullback in price.
So, is now a good time to buy Bitcoin? If you believe in Bitcoin's long-term value, current prices may be a good entry point. But remember, don’t invest all your money on one price point. You may consider buying in batches so that even if the price fluctuates, you won't suffer too much loss from your one-time investment. For example, when the price is close to $60,000, you can consider buying a part; if the price falls further, you can buy some more, so as to gradually build a position and reduce risks.