Analysts believe that Bitcoin (BTC) may experience a defining move in the coming weeks. While short-term fluctuations will continue, the long-term outlook for this cryptocurrency remains positive. Factors such as US government decisions and macroeconomic developments can impact the price of Bitcoin. Some analysts predict a likely increase in Bitcoin’s price as the market has not yet fully priced in the US government’s positive stance towards cryptocurrencies. According to Bitfinex analysts, Bitcoin has been fluctuating within a 15% price range since mid-November. Historically, 15-20% consolidation ranges are usually broken within 80-90 days. Despite the high correlation of Bitcoin with macroeconomic conditions, the cryptocurrency has managed to sustain its price above $70,000. While the crypto market experienced volatility after Trump imposed tariffs on Canada, Mexico, and China, Bitcoin has maintained its strength. Trump’s tariffs led to the largest crypto liquidation event in history on February 3, where over $2.24 billion was liquidated in 24 hours, causing Bitcoin’s price to drop below $92,000 before rebounding. At the time of writing, Bitcoin is trading around $97,850. Analysts do not dismiss the possibility of another concerning event affecting Bitcoin’s price, but they emphasize that the long-term outlook for Bitcoin remains positive. Crypto analyst Thomas Faehrer believes that if the US government announces buying Bitcoin, the price will surge $50,000 in a one-minute candle. Michael van de Pop underlines that now is the right time for the US government to embrace crypto. He believes that Bitcoin is neutrally priced and altcoins are undervalued. He also points out that cryptocurrency adoption is increasing more than ever, with the market yet to reach its peak. You can track the live prices of all tokens and cryptocurrencies on the Instant Digital Currency Price page.
