Bitcoin ($98,310) could be on the brink of a “decisive price move†in the coming weeks as US government actions and macroeconomic shifts weigh heavily on the market, according to analysts from Bitfinex.
Since mid-November, Bitcoin has traded within a 15% price range, fluctuating between $90,000 and recent highs. Historically, such 15-20% consolidation ranges tend to break out within 80-90 days, signaling that a major move is imminent. The US government’s s pro-crypto stance is still not fully priced in, suggesting potential for upward momentum.
Despite macroeconomic turbulence, such as US President Donald Trump’s s tariffs on Canada, Mexico, and China, Bitcoin has demonstrated relative strength by staying above its pre-election level of $70,000. However, Trump’s s tariffs triggered the largest liquidation event in crypto history on Feb. 3, wiping out over $2.24 billion from the crypto market in just 24 hours. This caused Bitcoin to dip below the psychological $100,000 level, reaching $92,584 before rebounding to $97,370 at the time of publication.
While analysts warn of potential short-term volatility, the long-term outlook remains positive. Bitfinex analysts noted that Bitcoin’s ability to recover quickly after such events reflects its growing resilience as a financial asset.
Some crypto experts believe Bitcoin’s next big surge will come once the US government finalizes its Bitcoin policies. Crypto analyst Thomas Fahrer predicted on Feb. 5 that if the US announces Bitcoin purchases, the price could spike by $50,000 in a single minute. Similarly, Michael van de Poppe, founder of MN Capital, emphasized the importance of government support for crypto adoption. He stated that Bitcoin remains neutrally valued, while altcoins are significantly undervalued.
With Bitcoin adoption growing and macroeconomic factors evolving, analysts agree that the next few weeks could be pivotal for Bitcoin’s price trajectory.
Source: Cointelegraph
