Possibility of Bitcoin recovering to $100,000... Increased expectations for a short-term rally.

Source: DigitalToday Original Title: Possibility of Bitcoin recovering to $100,000… Short-term rally expectations increase Original Link: https://www.digitaltoday.co.kr/news/articleView.html?idxno=608829

Bitcoin is showing signs of forming a short-term bottom after recently overcoming a large-scale selling pressure.

Market analysts are presenting a forecast of 'Bitcoin at $100,000 to $110,000.' According to the analysis, Bitcoin's weekly relative strength index ( RSI ) is approaching 30 and showing a pattern similar to past bottom signals. However, this does not indicate the start of a new bull market, but rather suggests a possibility of a short-term rebound.

Additionally, the fact that Bitcoin has deviated from the 50-week moving average, currently around $102,000, has been analyzed as a factor increasing the likelihood of a rebound. Historically, Bitcoin has shown a tendency to recover to that point after falling below the 50-week moving average, and there is a prospect that a similar trend may emerge this time as well.

Macroeconomic factors are also acting positively. As the possibility of ending quantitative tightening and expectations for interest rate cuts are rising, an environment favorable to risk assets, including Bitcoin, is being created. However, in the long term, the likelihood of a continued bear market remains high, and there are cautious opinions suggesting that this rebound could be temporary.