In a current evaluation, BRN analyst Valentin Fournier recommended that Bitcoin may revisit the $62,500 help stage within the close to future. Fournier famous that the market seems to be in an accumulation part and no vital directional motion is anticipated right now.
“We imagine the market is at the moment in an accumulation part and can probably retest the $62,500 help within the close to future,” Fournier mentioned. “Since no main transfer is anticipated, we suggest decreasing publicity.”
Wanting ahead, Fournier hinted at a extra optimistic medium-term outlook. He recommended that as Bitcoin accumulates liquidity, BTC may surpass the $70,000 resistance stage. Nonetheless, he famous that current tendencies similar to minimal constructive internet flows in spot Bitcoin exchange-traded funds mirror investor indecision regardless of an total constructive sentiment.
Fournier additionally highlighted a possible impediment to a transparent upward pattern: Kamala Harris’s enhancing probabilities within the US presidential race. “Kamala Harris has vastly elevated her probabilities of successful the US presidential election, triggering fears of a potential anti-cryptocurrency stance and waning enthusiasm that has adopted Trump’s speech and guarantees,” Fournier mentioned.
*This isn’t funding recommendation.