Bitcoin’s rollercoaster ride in the crypto market continues. Despite a fierce resistance zone hindering its upward movement, the dream of Bitcoin hitting $150K remains alive and kicking, even amidst a market crash. The attempted breakout saw a steep fall into a significant buy zone, leading to the liquidation of over $400 million in long positions within a day.
The recent unease in the market is predominantly due to the escalating tension between Iran and Israel, with the United States now entering the fray. Market analysts are apprehensive that this conflict could cast a shadow over global financial markets, including cryptocurrencies, possibly triggering a steeper decline. As worries of a potential World War III escalate, investors are finding solace in safer options like gold and the US dollar, while volatile assets like Bitcoin and other cryptocurrencies are facing heavy sell-offs.
In the latest FOMC meeting, there was a surprising twist with interest rates remaining uncut, contrary to expectations. This pause in proceedings has stalled the market’s momentum and subdued hopes of a swift recovery. It appears that a bull market’s arrival might take a bit longer than anticipated.
Despite the current market volatility, investors are on the lookout for a bullish trigger to uplift the prevailing sentiment. There’s buzz around Bitcoin’s potential to skyrocket to $200,000 or even $250,000 by year-end. Jetking, an Indian firm that has been acquiring Bitcoin since 2022, shared with Coinpedia their prediction that Bitcoin prices might range between $140,000 and $150,000 by the end of the year.
Short-Term Bitcoin Price Action:
Bitcoin price momentarily hit ₹101,000 before making a slight recovery. However, the overall market sentiment remains pessimistic with lower volumes than Friday. Market experts are keenly observing the ₹100,000 support level — a critical point that must be maintained to evade a deeper correction.
Bitcoin is finding it tough to breach the ₹102,600 resistance zone. A possible recovery might be on the cards if Bitcoin can reclaim this level, but that hasn’t happened yet. If the price fails to maintain ₹100,000, another drop could follow, possibly accompanied by reduced trading volumes.
