Bitcoin's Short-Term Outlook Remains Uncertain, as per Analysts

IconCryptoNewsTerminal Staff15 Aug, 2024

cryptonews.jpg

Bitcoin's Short-Term Outlook Remains Uncertain, as per Analysts

Bitcoin's price has been on a gradual downward trend since its all-time high in March. According to CNBC, Wall Street investment research firm Wolf Research predicts that "Bitcoin's upside catalysts are diminishing" and that "it is likely to fall further before challenging its all-time high again." Wolf Research emphasized that "Bitcoin has managed to overcome a large sell-off and rebounded recently, but its short-term outlook remains unclear." The firm believes that the lack of upside catalysts will likely cause Bitcoin to continue its downward trend for the time being. The days of Bitcoin's price skyrocketing on ample liquidity are gone, according to Wolf Research. The investment fever surrounding Bitcoin, such as AI, will gradually cool down. Analysts' concerns about Bitcoin's short-term outlook come amid a broader market correction in cryptocurrencies. The total market capitalization of all cryptocurrencies has fallen by more than $1 trillion since its peak in May.

Related News