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Bitcoin ($BTC), the world’s largest cryptocurrency by market capitalization, appeared to have fallen short of expectations for massive upside momentum following pro-crypto Donald Trump’s presidential inauguration. Currently, the overall market seems to be struggling, with a few cryptocurrencies witnessing price rallies while others appear to be moving sideways or consolidating.
Bitcoin’s Ongoing Consolidation
Amid this market uncertainty, $BTC seems to be consolidating in a tight range near the resistance level of $108,000, between the $100,000 and $108,000 levels. However, the price of Bitcoin is now falling toward the lower boundary of the consolidation.
Bitcoin Technical Analysis and Price Prediction
According to expert technical analysis, $BTC appears bearish as it has formed a bearish divergence on the daily time frame.
A bearish divergence occurs when the price of an asset makes higher highs, but a technical indicator, such as the Relative Strength Index (RSI), makes lower highs. This divergence indicates that upward momentum is weakening and suggests a potential price decline in the coming days.
Based on the recent price action, if $BTC remains below the $108,000 level, there is a strong possibility it could decline by 11% to reach its next support near the $92,000 mark. However, it will be challenging for an asset like $BTC to experience a significant price decline, even with a pro-crypto president in office.
BlackRock’s CEO $BTC Prediction
In addition to the recent price action and technical analysis, on January 22, 2024, BlackRock CEO Larry Fink made a bold prediction that $BTC could reach $500,000, $600,000, or even $700,000 in the future, as reported by CoinPedia.
This predicted $BTC target will only be achieved once it breaks the resistance at $108,000; otherwise, the price is likely to continue consolidating further.
Current Price Momentum
Currently, $BTC is trading near $104,100 and has experienced a price decline of over 2.65% in the past 24 hours. During the same period, its trading volume has dropped by 35%, indicating lower participation from traders and investors compared to previous days.