Bitcoin has been highly volatile in recent weeks. Let's explore the market's response, technical indicators, and expert opinions on the cryptocurrency's future.
Current Market Situation
Bitcoin is trading at $85,998.23, representing a 3.34% decrease over the last 24 hours and a 1.08% increase over the past seven days, according to CoinMarketCap. This marks a recovery from a sharp drop below $79,000 on February 28.
Technical Indicators and Levels
Technical indicators present mixed signals. The Relative Strength Index (RSI) stands at 49, indicating a neutral stance. Meanwhile, the Bitcoin price recently breached the 30-day moving average (MA) but remains above the 200-day MA, indicating that the long-term trend is still intact.
Experts' Opinions on the Future
Experts are divided on Bitcoin's future. Mitch expects Bitcoin to remain between $75,000 and $80,000 in the next two months. PlanB projects a $90,000 level by mid-2025.
Can Bitcoin Surpass $100,000?
Experts differ on the likelihood of Bitcoin surpassing $100,000 by the end of 2025. Potential supply chain shocks are cited as factors supporting this possibility.
Given technical indicators and market sentiment, Bitcoin's future remains uncertain. Experts urge caution amid emerging external risks and high market volatility.
