Surge and plunge, Bitcoin is on a "roller coaster"! Will a short-term correction be inevitable?
Bitcoin is approaching $65,000, but is hesitant
Bitcoin hit a high of $64,688 after soaring 3% on Tuesday, making investors look forward to it breaking through the $65,000 mark in one fell swoop. However, the good times did not last long. Bitcoin suddenly fell by $1,000 on Wednesday, showing a weak trend in the short term. Although some altcoins performed strongly, Bitcoin's short-term prospects are slightly bleak.
Technical analysis: Short-term adjustment may be inevitable
Many technical analysts pointed out that Bitcoin encountered strong resistance near $65,000. If it cannot break through effectively, it is likely to trigger a short-term correction. The support level of the correction is locked near $62,350 and $61,555.
Well-known traders speak out: Short-term corrections are inevitable, but long-term optimism remains
Well-known cryptocurrency trader RektProof also expressed similar views in his Telegram group. He believes that although the pullback after the recent highs reveals a bearish signal, the long-term trend is still optimistic because sellers have not followed up in a big way. However, he also reminded investors that the possibility of a short-term correction cannot be ignored.
Long-term outlook: Bitcoin may usher in a parabolic rise
Analyst Elja Boom made an optimistic prediction on the long-term trend of Bitcoin through the weekly chart. He believes that Bitcoin has entered the parabolic rise stage and is expected to rise further in the next four months. According to his analysis, the next cycle peak of Bitcoin is expected to arrive in late August 2025.
Fundamental support: SEC approves options trading, good for BTC
In terms of fundamentals, the U.S. Securities and Exchange Commission (SEC) recently approved Bitcoin options trading, and this news undoubtedly added strong momentum to Bitcoin's long-term trend. Although Ethereum's similar application has been delayed, Bitcoin's technology and fundamentals remain solid, laying a solid foundation for its future rise.
A single tree cannot make a boat, and a single sail cannot sail far! In the cryptocurrency circle, if you don’t have a good circle and first-hand information about the cryptocurrency circle, then I suggest you follow me, check out my profile, and take you to the shore for free. Welcome to join the team!!!
