The cryptocurrency market is undergoing sudden changes! Bitcoin stops at the $98,000 barrier, and the future rise is a mystery?
If Bitcoin doesn't break through the $98,000 barrier, it may not rise any further!" This was said in a report by Cointelegraph.
The report analyzes that the upward momentum for Bitcoin, which was previously driven by Trump, has now vanished. Why? Because Bitcoin failed to breach the $98,000 barrier.
Data shows that if Bitcoin can break through $98,000, it might rise all the way to $110,000.
But on that day, Bitcoin fell to $94,000, and although it attempted to break through $96,000 four times, it was unsuccessful each time. Each time it got close to that barrier, it weakened. If Bitcoin can't even hold $94,000, it may face a significant drop.
A cryptocurrency analyst, Michael van de Poppe, also stated that Bitcoin needs to break through the $98,000 barrier to continue rising.
He also mentioned that Bitcoin is currently waiting to see if it can break through that barrier and then rise to $100,000. However, this may take some time.
Before the election, some analysts said that although Bitcoin rose due to Trump's influence, it actually lacks fundamental macroeconomic support.
They said that for Bitcoin to reach a new high, more institutions need to get involved. This view is based on the relationship between Bitcoin and the global macro investor liquidity index. They stated that if Bitcoin can attract institutional demand, it might rise to $110,000 by early 2025.
Another analyst, named DonAlt, said that if Bitcoin can exceed $110,000, it would break the constraints of the $98,000 barrier. But DonAlt also mentioned that there is a possibility of a decline.
He said: "If Bitcoin can close above $98,000, it might move towards $110,000. But if Bitcoin can't hold the support at $90,000, it might drop all the way to $80,000."
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