#BTCHovers100k Bitcoin may see a “decisive price move” in the near term, and while short-term volatility may continue, the long-term view “remains positive,” say analysts.
Bitcoin could be headed for a “decisive price move” in the coming weeks as the US decides on its next Bitcoin move, amid other macroeconomic developments.
Some analysts anticipate that direction is likely upward, as Bitcoin has yet to fully price in the US government’s pro-crypto stance.
Clearer signals on Bitcoin’s price in the coming weeks
Bitfinex analysts said in a recent markets report that Bitcoin could shift “especially as more macroeconomic developments unfold.”
They pointed out that Bitcoin has been trading within a 15% price range since mid-November when it hovered around $90,000. Historically, 15-20% consolidated price ranges tend to “resolve in either direction within 80 - 90 days.”
They said that despite Bitcoin's “high correlation” with macro conditions, its recent ability to hold above its pre-US election price of around $70,000 — despite turbulence in the crypto market triggered by US President Donald Trump imposing tariffs on Canada, Mexico and China — demonstrates the asset’s relative strength.
Trump’s tariff news led to the “largest liquidation event in crypto history” on Feb. 3, with over $2.24 billion liquidated from the crypto markets within 24 hours.
Bitcoin is trading at $97,370 at the time of publication. Source: CoinMarketCap
Bitcoin’s price slipped below the psychological $100,000 level, dropping to $92,584 before rebounding to $97,370 at the time of publication. However, analysts aren’t ruling out the possibility of another near-term scare event shaking Bitcoin’s price.
“While Bitcoinʼs short-term volatility may continue in response to macroeconomic influences, its long-term outlook remains positive,” they said.
Other analysts say once the US government confirms its highly anticipated Bitcoin plans, BTC could potentially clock a significant surge.
Crypto analyst Thomas Fahrer said in a F#BTC走势分析
