斯托克顿进一步解释称，① Technical strategists warn that the Bitcoin sell-off may last for several weeks, potentially dropping 10% to $84,500; ② If it continues to decline, the next Resistance may be around $73,800.
A top technical strategist has issued a warning, $Bitcoin (BTC.CC)$ that the post-election rally has already weakened, and this crypto may soon experience a sustained sell-off lasting several weeks.
Katie Stockton, founder of the independent research provider Fairlead Strategies, believes Bitcoin could drop another 10% as some Technical Indicators suggest bearish momentum is likely to appear for Bitcoin in the near term.
Stockton further explained that in the coming weeks, Bitcoin could fall to around $84,500 at the Resistance level, which means Bitcoin will drop more than 10% from its current level. She also added that if the Bitcoin price continues to decline, the next Resistance may be around $73,800, implying that Gold prices would drop about 22% from current levels.
Stockton pointed out that Bitcoin fell below the 50-day moving average last week. In her latest report to clients, she wrote that this confirms medium-term overbought and Sell signals, supporting a price correction in the first quarter of 2025.
"Based on the daily MACD (Exponential Moving Average) and the 20-day moving average, short-term momentum is currently negative, supporting a short-term bearish tendency," Stockton said. She referred to the convergence/divergence of the daily moving average and the 20-day moving average, which are two other indicators reflecting short-term pricing trends.
Despite potential weakness in the short term, Stockton remains bullish on Bitcoin's long-term prospects and pointed out several positive monthly Indicators.
She added, "The monthly stochastic Indicator and MACD Indicator continue to support a bullish long-term outlook as we enter the new year, so I will view the correction as an opportunity to increase exposure to Bitcoin."
The fact is that it is not just Stockton who is bullish on the new outlook for Bitcoin. For example, James Butterfill, the research director of the cryptocurrency-focused asset management company CoinShares, stated that he believes the price of Bitcoin will be in the range of $0.08 million to $0.15 million by 2025.
Alex Thorn, the research director of the cryptocurrency-focused asset management company Galaxy Digital, expects Bitcoin to break above $0.15 million in the first half of this year and reach $0.185 million in the fourth quarter. Furthermore, Elitsa Taskova, the chief product officer of the crypto lending platform Nexo, predicts that "Bitcoin will more than double in a year, reaching $0.25 million."
She even believes that in the long term, for instance over the next decade, she thinks the total market cap of the entire crypto market will exceed that of Gold.
In addition, so far this year,$Coinbase (COIN.US)$and$Robinhood (HOOD.US)$Stocks related to Cryptos have also surged by 42.7% and 192.4% respectively.
Editor/rice
