While Bitcoin rose above $84,000 following the CPI data announced yesterday, which came in below expectations, expectations for a decline in BTC still continue.
Overall, analysts predict that Bitcoin could fall further due to factors such as tariff tensions and uncertainty about the Fed’s rate cut.
At this point, it is estimated that BTC has a risk of falling to the $70,000 level, while US asset management company Fidelity also said that $70,000 is an important support level for Bitcoin.
Commenting on the Bitcoin price action, Jurrien Timmer, head of global macro at Fidelity, stated that the main level to watch is $70,000.
Timmer said that the latest correction could be a preparation step for Bitcoin’s next uptrend, and emphasized that it may be too early to say that the rise will begin.
For now, everyone should keep an eye on the important $70,000 support level for Bitcoin, Timmer noted.
Apart from Timmer, other top analysts also pointed out that $70,000 is a critical level for Bitcoin and predicted that the price could bottom at this level.
Related News: According to Analysts, Bitcoin (BTC) Will Bottom at This Level!
Despite the announcement of a Strategic Bitcoin Reserve, the crypto tourists have been selling, as evidenced by outflows from ETPs and a decline in open interest. “Buy the rumor, sell the news” is a cliché that’s grounded in truth (as they all are). Perhaps this correction will… pic.twitter.com/PKyVniR9UT
— Jurrien Timmer (@TimmerFidelity) March 12, 2025
*This is not investment advice.
Continue Reading: Fidelity Executive Reveals What He Expects Next in Bitcoin! “Eyes on This Level for Now!”
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