Bitcoin is poised for a significant price jump as the US government weighs its next move on the cryptocurrency. Analysts believe that direction could be upward, given the US government’s pro-crypto stance and Bitcoin’s recent performance.
According to Bitfinex analysts, Bitcoin has been trading within a 15% price range since mid-November, with historically, such ranges resolving in either direction within 80-90 days. Despite volatility triggered by US President Donald Trump imposing tariffs on Canada, Mexico, and China, Bitcoin has held above its pre-election price of around $70,000.
Bitcoin’s recent resilience demonstrates its relative strength, and analysts are optimistic about its long-term outlook. However, they also warn that short-term volatility may persist in response to macroeconomic influences.
Other analysts, including Thomas Fahrer and Michaël van de Poppe, believe that a significant surge could follow the US government’s announcement on Bitcoin plans. Van de Poppe stated that if the US government becomes positive about crypto adoption, it could lead to a substantial price increase.
It is essential for investors to conduct their own research and consider the risks involved in investing in Bitcoin. The article does not contain investment advice or recommendations.
Source: https://cointelegraph.com/news/bitcoin-chart-signals-decisive-price-move-coming-macro-economic-conditions-analysts