Bitcoin’s price has been a bit of a rollercoaster lately. Let’s break down what’s happening.
February’s Wobbly Bitcoin
February wasn’t kind to Bitcoin. It dipped about 8.6% over the month, leaving investors a little nervous. Last week alone saw a 2.24% drop. One crypto analysis group, More Crypto Online, offered some insights into what might happen next.
Will Bitcoin Bounce Back?
Around February 21st, More Crypto Online noted that Bitcoin briefly touched $99,000 before falling back to around $95,000. They think this might be a temporary peak, possibly linked to the stock market’s performance. They used Elliott Wave Theory to predict two scenarios:
Scenario 1: The Bullish Case
Bitcoin could be in a “corrective Wave 2” – a temporary dip after an initial rise (Wave 1) before a major price surge (Wave 3). For this to happen, Bitcoin needs to stay above $94,645. If buyers step in around this level, we could see Bitcoin climb to about $103,000.
Scenario 2: The Bearish Case
If Bitcoin breaks below $94,645, the selling could accelerate. A fall below $93,450 would signal a more significant downtrend, potentially pushing Bitcoin down to $91,000 or even below $89,000.
Current Market Conditions
At the time of writing, Bitcoin is trading around $96,261, down 1.78% in the last 24 hours. However, trading volume is up significantly (56.60%), reaching $49.03 billion. The Fear & Greed Index sits at 49, indicating a neutral investor sentiment – basically, people are waiting to see what happens next.
Despite the uncertainty, some analysts remain optimistic, predicting prices around $108,429 in five days and $131,693 in a month. But whether those predictions pan out depends entirely on whether Bitcoin can hold that crucial $94,645 support level.
