$BTC Bitcoin's price is in a complex phase as of August 2024, with several critical factors influencing its short-term and long-term outlook.

📌 Short-Term Analysis:

- **Consolidation and Volatility:** Bitcoin has been hovering around the $59,000 to $60,000 mark, struggling to break above the key resistance at $61,000. The recent price action suggests that Bitcoin might experience increased volatility, with a likely pullback in the coming weeks. Analysts predict a potential drop towards the $55,000 - $57,000 range, which could offer a "buy the dip" opportunity if support holds firm

📌Medium to Long-Term Outlook:

- 📈Critical Levels: For a bullish scenario, Bitcoin needs to break and sustain above $69,000 for at least eight days. Failure to do so could mean continued consolidation or even a further decline. However, if Bitcoin does clear this hurdle, it might pave the way for a strong upward movement.

- 🔮End-of-Year Projections: Looking ahead, some analysts are optimistic, projecting a potential rally towards $95,000 by Q4 2024, assuming the current consolidation phase leads to a breakout later in the year.$BTC

In summary, while Bitcoin's short-term outlook appears cautious with potential for volatility and a pullback, the longer-term prospects remain bullish if it can overcome key resistance levels.