Bitcoin Price Dips Below $109K: Bull or Bear Trap?
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Bitcoin (BTC) retraced below $109,000 on Monday, following its recent all-time high of $111,800. Analysts are divided on the future price trajectory. Doctor Profit, citing a rare “Golden Cross” technical indicator with an 87.8% accuracy rate on higher timeframes, maintains a bullish outlook. He points to previous Golden Cross occurrences resulting in significant price surges (170% and 73% gains) and predicts a new ATH of $113,000 this week, supported by substantial market liquidity and large inflows into Bitcoin ETFs, which are nine times greater than the amount of Bitcoin being mined. He also highlights MicroStrategy's continued Bitcoin accumulation as a factor constraining supply. Conversely, analyst Cameron Fous expresses caution, suggesting the recent peak might be a “bull trap” similar to historical patterns, potentially leading to a sharp decline. He notes that breaking below the 50-day moving average could signal a reversal, though he still anticipates a potential short-term rally to $130,000-$200,000. Fous emphasizes the importance of considering past market behavior and recognizing that top signals often precede trend reversals. At the time of writing, Bitcoin is trading around $108,739, representing a slight 0.6% retracement in 24 hours and a little over 3% from its ATH.
(Source: https://www.newsbtc.com/bitcoin-news/bitcoin-retraces-below-109000-analysts-split-on-future-outlook/)
