Bitcoin started the year with records, but its price later declined. Analysts explore the prospects for further growth.
Bitcoin Market Situation
At the beginning of the year, Bitcoin reached a new all-time high of nearly $110,000. However, since mid-January, its value has fallen, and Bitcoin is currently trading around $86,500, representing a 6% decline on a monthly scale.
Analysis of Key Levels
Analyst Ali Martinez identified resistance levels at $86,200 and $88,300. He suggests that a breakout above these values may shift momentum back to bulls. Analyst Gert van Lagen also stated that Bitcoin might continue its bull market, potentially pushing its price to $300,000 in the coming months. However, if the price closes below $74,400, this scenario may not materialize. Analyst CRYPTOWZRD predicts a possible rise to $91,500 upon a successful breakout above the $85,000 resistance area.
Other Expert Predictions
BitMEX co-founder Arthur Hayes believes that the US Federal Reserve's quantitative easing policy could increase liquidity and ultimately lift Bitcoin's price. Quantitative easing involves purchasing government bonds and other assets to stimulate economic activity. Hayes thinks such intervention could support BTC's growth.
Bitcoin is at key levels, and experts provide varying scenarios for its movement. Breaking through resistance could lead to further growth, while failure may result in a decline.
