Bitcoin price has been dwindling as the optimism around Donald Trump’s victory seems to be waning, making a lack of positive cues dominate the crypto market.
At press time, the OG cryptocurrency is trading at $96,269.29, down nearly 2.40% as compared to the same time last day.
As Bitcoin fails to pick pace over the year’s end, analysts are now wondering if it will fall further, with some even expecting it to go as low as $60K a piece.
Bitcoin’s Downward Trend Raises Concerns For Several Analysts
A famous voice in the crypto world, Ali Martinez has highlighted various analysts who have predicted Bitcoin’s fall, some even expecting it to fall as low as $60K.
According to Tone Vays, it is “very, very bad” for Bitcoin to trade below $95,000 since it raises the likelihood of a correction to $73,000.
Similarly, Peter Brandt said that a “broadening triangle,” which predicts a regression toward the $70,000 zone, may be set to break out for Bitcoin.
However, Thomas Lee insists that Bitcoin will probably hit $250,000 in 2025, but before that, it may see a decline to $60,000, as per Mark Newton.
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Is Bitcoin Price Really That Disappointing?
Bitcoin price has seen great volatility in the past month, however, despite this, the biggest cryptocurrency by market cap has sort of defied investor expectations.
As UnoCrypto reported earlier, the price of Bitcoin exceeded market predictions in December, suggesting that there may be another price spike in the upcoming year.
So far in December, the price of the original cryptocurrency has only decreased by 2%. Many people are surprised by this level because the market had anticipated a Bitcoin drop to the mid-$80K level.
Why is Bitcoin Seeing Bearish Trend?
One of the main reasons behind Bitcoin’s bearish trading is the current fall in risk appetite due to the US Fed’s interest rate decision. Investors’ risk appetite was somewhat harmed by the Fed’s hawkish position on additional rate reduction and the economy, which caused volatile assets like Bitcoin to decline.
In contrast to the four rate cuts that were initially expected, the US central bank only announced two rate cuts for the following year, even though it had already lowered rates by 25 basis points.
The price of bitcoin fell as a result of investors reassessing the speculative assets they owned. Last week, the token fell below the crucial $100,000 mark as Fed policymakers predicted future cuts would occur more slowly.
Bitcoin Technical Indicators: What Do They Say?
Bitcoin’s current technical indicators reveal that the Fear & Greed Index for the coin is currently at 73 (Greed), while the attitude is neutral. Over the past 30 days, Bitcoin has experienced 14/30 (47%) green days and 3.28% price volatility.
The general mood regarding the price prognosis of Bitcoin is neutral, with fifteen technical analysis indicators indicating optimistic signs, and thirteen indicating bearish signals.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. With the RSI rating at 53.53 right now, the Bitcoin market is in a neutral state.
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