🎈Say a few words about the current situation🧧
The market has been speculating on the price of cryptocurrencies since Trump's victory in November, with an annual target of 100000 already achieved.
I personally believe that the current decline serves several purposes:
1️⃣ In November, the price of cryptocurrencies was driven up by Trump's victory to facilitate selling in December to January. The subsequent decline around Trump's inauguration was a way to shift the blame for the price drop onto Trump, increasing pressure on him from various fronts.
2️⃣ The demand for Bitcoin remains high in the market, with major institutions looking to buy at a lower favorable price to gain greater profits.
3️⃣ Wall Street institutions have almost reached a consensus on "observing the economic situation 100 days into Trump's presidency". The economic and political performance in the first 100 days after taking office has become a key factor for major institutions to make their next moves. Therefore, they choose to offload some assets during this period as a relatively safer choice.
Currently, the short-term outlook is bearish, while the long-term outlook is bullish. Perhaps the global top is 108000, or maybe 108000 is just a temporary peak. Everything still depends on Trump's economic performance after taking office and the Federal Reserve's measures in response to the economy.
In the short term, we should look at whether the support at 90000 can hold. If it holds, I personally believe it may slightly break through 90000, and then rise near the points indicated in the chart. If it doesn't hold, a few weeks of decline could see a target around 81000—80341.
