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Bitcoin: Dip to 98k and Future Outlook Predictions

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by Giorgi Kostiuk

4 hours ago

Recent analysis of the cryptocurrency market indicates a price dip for Bitcoin to the 98k level. Experts highlight key levels and make predictions.

Analysis of Bitcoin Dip

Bitcoin's price fell to the ~98k support zone, which was predicted by expert Zen. This dip resulted in a 'buy tail' pattern, a technical signal that suggests short-term recoveries in similar market situations.

Current Key Levels

The next key level is around 103.5k, where a convergence of the Year Value Area High (VAH) and the Daily 20-SMA is expected. This level could determine Bitcoin's next movement.

Future Predictions

Zen's analysis suggests two scenarios: a rejection at ~103.5k may push prices down to 94.6k, while a breakout could signal a recovery. However, the expert advises caution, anticipating another dip this or next week.

The analysis of Bitcoin's current situation underscores the importance of closely monitoring key levels. The future developments will depend on a combination of technical factors and global political circumstances.

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