Analysts from Matrixport have released a new report warning of a potential short-term correction for Bitcoin, despite positive economic signals.
Technical Indicators of Bitcoin
Matrixport analysts point to waning momentum in technical indicators. Bitcoin's recent rally has pushed the Relative Strength Index (RSI) into overbought territory.
Correction and Price
Currently, Bitcoin's price hovers around $120,000. Matrixport suggests a potential retracement to the $106,000–$108,000 range, which could form the base for the next upward movement. While a short-term target of $122,000 is considered reasonable, analysts argue that the market needs to 'reset' before attempting another breakout.
Long-Term Bitcoin Forecasts
Despite short-term caution, Matrixport emphasizes that the long-term bullish structure remains intact. However, traders should be wary of potential double-top formations following steep rallies.
Thus, Matrixport analysts warn of a potential short-term correction for Bitcoin, but long-term outlooks remain positive.
