Despite the current cryptocurrency market undergoing a period of high volatility, the target price of $112,000 for Bitcoin is still considered feasible by analysts.
Key Points:
1. Bitcoin Price Fluctuation:
• In the short term, Bitcoin reached a new ATH of $108,000 before dropping to $104,000. After the FOMC meeting, the price continued to fall to $100,000.
• This is seen as a correction and a retest of important trend lines.
2. Analysts' Perspectives:
• Some analysts call this a 'textbook' price action, arguing that this move does not weaken Bitcoin's long-term prospects.
• They expect Bitcoin's price to recover strongly after the market digests the information from the FOMC.
3. Impact from FOMC and FED Statements:
• FED Chairman Jerome Powell affirmed that the U.S. economy has avoided recession and forecasted a positive year ahead. This instills confidence in investors about the market's positive trend.
4. Long-term Forecast:
• Some more optimistic forecasts even expect Bitcoin to reach a price of $200,000 in the next bull cycle.
Summary:
Although Bitcoin's price is currently undergoing a strong correction, analysts still believe this is a preparatory step towards achieving the next ATH, with a target of $112,000. The market remains optimistic amid economic signals and expectations of a long-term bull cycle.
