Bitcoin Price Forecast: Capable of Surging to $166,000 Amid Trade Concerns
Bitcoin is under pressure from trade concerns, with its fear and greed index dropping to 35. Despite this, two technical patterns suggest a potential rebound, with predicted price targets ranging from $123,000 to $166,000. However, achieving these targets may take significant time, as observed in past formations.
This week, Bitcoin (BTC) experienced pressure primarily due to ongoing trade concerns that have impacted market sentiment. The cryptocurrency navigated fluctuations, compounded by a decline in the crypto fear and greed index, which fell to 35, indicating a fearful market. With rising tariffs on Chinese imports and potential restarts of tariffs on Canada and Mexico, uncertainty continues to loom over the trade landscape.
Amid these trade tensions, market participants exhibit hesitance, which has led to a pause in Bitcoin purchases by certain investment strategies. Additionally, data from CoinGlass indicate weak futures open interest, and Spot Bitcoin ETF inflows have decreased to approximately $57 billion from earlier highs of $68 billion. The Federal Reserve’s recent meeting also introduced a more hawkish stance, as it maintained interest rates but suggested only two cuts for the year, which is generally non-conducive for Bitcoin’s performance.
Despite the current bearish trends, technical analysis of Bitcoin’s charts reveals two rare patterns signifying a potential rebound. The cup and handle pattern suggests a price target of $123,000, while the bullish flag pattern indicates a possible breakout to $166,000. However, market participants should be aware that such price movements may require considerable time to actualize, given the nature of the analyzed weekly charts.
Original Source: crypto.news
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