Mark Cullen foresees possible price movements based on technical and short liquidity analyses.
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ContentsHow Low Will Bitcoin Fall?Bitcoin (BTC) Analysis
The cryptocurrency market faces turbulent times as Bitcoin struggles to reclaim the $88,000 mark. Amidst this uncertainty, former President Donald Trump is expected to make a public address tomorrow and communicate with Waller regarding the Fed Chair position, with a possible decision in the coming weeks. Despite market fluctuations, a well-known cryptocurrency forecaster maintains a bearish outlook. Should this prediction prove accurate, it could spell disaster for altcoins.
How Low Will Bitcoin Fall?
One of the main negative developments anticipated in the cryptocurrency market within the next month is the high court decision, which could involve the classification of cryptocurrency reserve companies as funds by MSCI, in addition to a potential interest rate hike in Japan. Japan is set to announce its decision on Friday, closely followed by the U.S. inflation report expected this week.
As a result of these and additional factors, the risk appetite in the cryptocurrency market has diminished. Consequently, Bitcoin has lost the $88,000 support as previously predicted. Roman Trading accurately anticipated a weak rebound from the dip yesterday, which indeed occurred. Today, the cryptocurrency forecaster reiterated a target of $76,000 for Bitcoin.
“Bull waves formed + the volume was low during the dip. I predicted this bounce point perfectly. However, I do not believe this will lead to anything significant.”
“In the near future, Bitcoin (BTC) will reach $76,000.”
Bitcoin (BTC) Analysis
Mark Cullen believes that the intense short liquidity concentrated above $95,000 will soon be cleared. This situation could potentially cause a price increase of approximately $8,000 from the current region. However, before this occurs, there might be a smaller clearance at $83,000. Should Cullen’s scenario unfold, the larger short liquidation might push the spot price above $98,000.
In terms of technical analysis, Mark’s predictions remain consistent.
“Yesterday’s sales saw BTC reach the Fib golden zone of the upward movement. I hope to see a bounce from here and a higher low; however, since the pain persists, the low levels at the end of November will likely be revisited.”
U.S. inflation figures will be released on Thursday, followed by Japan’s interest rate decision on Friday. These significant elements continue to exert pressure on cryptocurrencies, reinforcing Mark’s expectations of a short-term dip.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
