Future Prospects for Bitcoin Prices
In light of these events and other factors, the risk appetite for cryptocurrencies has diminished significantly this week, resulting in Bitcoin losing its $88,000 support. Roman Trading accurately predicted a weak bounce from the bottom yesterday. Today, the cryptocurrency oracle has reiterated his target of $76,000.
Despite bullish waves forming and the low volume during the downturn, the oracle believes this bounce is unlikely to lead to anything substantial. He maintains that Bitcoin will reach $76,000 in the near future.
Market Influence and Short Positions
Analyst Mark Cullen predicts a cleansing of short liquidity fixated above $95,000, suggesting a potential increase of around $8,000 from this zone. However, a minor cleanup might occur at $83,000 first. Should his forecast materialize, the larger short liquidation could push the spot price beyond $98,000.
In technical analysis, Mark’s predictions remain consistent. His insights align with recent market movements and suggest a persistent downtrend.
Recent sales have seen Bitcoin reaching the Fibonacci golden zone of an upward movement. Mark expressed a desire to see a bounce and a higher low from this point. However, he cautions that the ongoing pain could lead to a retest of late November’s low levels.
By Thursday, U.S. inflation figures are due, followed by Japan’s interest rate decision on Friday. These events are poised to exert considerable pressure on cryptocurrencies, affirming Mark’s short-term low expectations.
