Bitcoin trading around $97K marks an exciting yet pivotal stage in its market cycle. Here’s my updated take on its next potential moves:
Bullish Case: Path to New Highs
1. Momentum from $100K Breakthrough: Breaking the psychological $100K level has attracted fresh retail and institutional interest, potentially fueling another rally.
2. Institutional Demand: With spot ETFs gaining traction, capital inflows from traditional markets are likely to sustain upward momentum.
3. Macro Tailwinds: Increased adoption in emerging markets, combined with easing inflation fears, could drive BTC higher. Immediate targets could range between $110K–$120K, with $150K in sight during the next major wave.
Bearish Case: A Needed Correction?
1. Overheating Signals: RSI and other technical indicators suggest BTC is nearing overbought territory, raising the probability of a pullback.
2. Profit-Taking Pressure: After such rapid gains, short-term corrections are natural as traders lock in profits.
3. Key Levels to Watch: A drop below $90K could bring BTC back to $80K support, with stronger buyers likely stepping in at $75K if the correction deepens.
Neutral Outlook: Consolidation Phase
BTC may consolidate between $90K–$100K, allowing the market to cool off before resuming its uptrend. Such periods often build strong bases for long-term growth.
Conclusion
I’m leaning bullish over the medium term, especially with institutional involvement increasing. However, a short-term correction or consolidation around current levels is healthy and expected after such a historic run. Keeping an eye on macroeconomic factors and key support levels will be crucial.
What’s your take? Are you holding, trading, or waiting for better entry points?
