Market Recap
Illustrate BTC’s rally since November 5 and the recent 4% pullback.
Bitcoin (BTC) $CME Bitcoin - main 2412(BTCmain)$ saw a sharp decline to $96,789, down 4% from its all-time high of $107,000 earlier this week. This retracement comes amid profit-taking after a 45% rally since the U.S. election on November 5.
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Performance Context: BTC has risen by over 120% YTD, fueled by institutional inflows and increased adoption.
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Short-term Risks: Analysts are eyeing $90,000 as a critical support level, with Zann Kwan, CIO of Revo Digital Family Office, projecting a potential short-term retreat.
Should You Buy the Dip?
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Fundamentals: Bitcoin’s role as a hedge against inflation remains intact, particularly as traditional assets face volatility.
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Adoption Trends: BlackRock’s Bitcoin ETF filing approval has boosted market confidence, while on-chain metrics show significant accumulation by whales.
Or Is It Time to Exit?
BTC’s RSI trend and its movement near the $90,000 support level.
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Technical Signals: The Relative Strength Index (RSI) remains above 70, signaling overbought conditions. A break below $90,000 could confirm a bearish reversal.
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Macro Factors: Rising bond yields and tighter monetary policy may lead to further selling pressure.
Key Questions for Investors
𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) / X
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What’s your 2024 target price for BTC? Bullish Case: $120,000 (driven by ETF approvals and adoption).Bearish Case: $80,000 (if risk-off sentiment persists).
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Is BTC’s risk-reward ratio favorable? With a 4% decline, BTC offers a better entry point but still faces macroeconomic headwinds.
Summarize potential price scenarios for Bitcoin in 2024.
Photo by CRYPTO •TRADING •BITCOIN on December 19, 2024
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📝 Disclaimer: This post is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
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