Bitcoin (BTC) continued its decline on Wednesday, falling below the 80,000 USD level. Nevertheless, analysts remain optimistic about the price growth in the near term. Analyst CRG on the X social network noted that Bitcoin's rise above the Ichimoku cloud indicates the beginning of a bull market. This is reported by Cointelegraph.com .
Arthur Hayes, Chief Investment Officer at Maelstrom, believes that Bitcoin reaching 126,000 USD is inevitable. He argues that competition with China in artificial intelligence and geopolitical tensions will increase money printing, which will positively impact the crypto ecosystem. However, there are conflicting opinions in the market: one large trader is maintaining a short position for 1,000 BTC worth 81 million USD.
According to technical analysis, Bitcoin is at a critical support zone at 79,092 USD, which is the 20-day exponential moving average (EMA). If the price rebounds from this level, bulls will attempt to overcome the 84,000 USD resistance. Otherwise, the price could fall to the 50-day simple moving average (SMA) of 74,571 USD.
Ethereum (ETH) attempted to recover from the 50-day SMA (2,245 USD) level, but long upper shadows on the candlestick chart indicate strong selling pressure at higher levels. Investors should closely monitor key support levels that will determine the market's next move.
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