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Bitcoin is holding near the $ 89,200 mark, and the market expects sharp volatility ahead of the week’s close. Analysts are divided in their forecasts: some expect growth to six figures, while others expect a possible correction to $ 70,000. According to experts, the increased volume of coin transfers to the Binance exchange may put pressure on the cryptocurrency’s value.
According to Cointelegraph Markets and TradingView, Bitcoin BTC $78,753.16 Bitcoin -0.41% Market capitalization $1.58 trillion VOL. 24 hours $1.11 billion has been trading within the $ 5,000 range for the eighth day in a row. Analyst Ted Pillows believes that the market is preparing for a short-term rally, during which the price may rise to $ 98,000-$ 100,000, after which a decline is possible. He emphasized that the fall of the 100-week exponential moving average below the simple moving average in the past has already led to a 40−50% decline in Bitcoin within 4−6 weeks.
Trader Captain Faibik also expects a quick breakout and growth, after which, according to him, a wave of emotional FOMO entries will return to the market. Another analyst, Korinek_Trades, predicts new all-time highs, but does not rule out a short-term decline before the next rise. According to his calculations based on the Elliott wave theory, Bitcoin could reach $ 150,000 in the medium term.
The CryptoQuant platform warns that bitcoin remains in a vulnerable position and may fall to a zone of high demand between $ 70,000 and $ 72,000. According to CryptoOnchain analysts, this is the level where buyer activity may increase. At the same time, the inflow of more than $ 1.4 billion in bitcoin on Binance increases the risks of a technical breakdown below $ 90,000.
Market observers emphasize that the current dynamics indicate a struggle between short-term speculators and investors focused on long-term positions. According to analysts, further price movements will be determined in the coming days after the current range is broken.