Can Bitcoin continue to soar? The 90,000 level becomes crucial!

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Bitcoin recently broke through $108,000 and has significantly retraced, now dipping to $92,398, with a nearly 10% drop in 24 hours. Many analysts are concerned that Bitcoin may fall below $90,000, potentially further down to $88,000. However, some analysts believe that this adjustment is a healthy and normal market fluctuation, which may instead provide momentum for a new round of rebound.

The downward trend of Bitcoin is believed to be related to the Federal Reserve's hawkish comments on future interest rate hikes and inflation. Although the short-term outlook is bearish at present, historically, Bitcoin has typically rebounded after similar external shocks. In 2024, the long-term trend for Bitcoin remains optimistic, with predictions that it could reach highs of $250,000 to $800,000 in the future. Therefore, the current retracement may just be temporary.

For investors, the key is whether Bitcoin can hold the support level of $92,000 and create conditions for a future rebound.

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