Analyst Predicts Bitcoin's Upside Potential Outweighs Risks

Analysis

November 13, 2024 4:16 PM

In Brief:
BRN analyst Valentin Fournier suggests that Bitcoin's current upside potential is greater than its short-term downside risks, despite a recent pause in bullish momentum.
Fournier warns that unexpected CPI data could induce market volatility, although the overall outlook remains positive.

Analyst: Bitcoin's Upside Potential Appears to Outweigh Short-term Downside Risks

Valentin Fournier, an analyst at BRN, has highlighted Bitcoin's promising upside potential, noting that it currently outweighs the short-term downside risks. According to a report by The Block, Bitcoin's bullish momentum paused yesterday, reaching a session high of $90,000. This pause is believed to be due to large investors taking profits, which may lead to a brief pullback before the price trend resumes upward.

Factors Influencing Bitcoin's Market Dynamics

Fournier points out that future events and technical indicators could suggest a potential price reversal. He emphasizes that the current market conditions favor Bitcoin's upside potential over short-term risks. However, he cautions that if the Consumer Price Index (CPI) data released today exceeds expectations, it could trigger market volatility.

Despite these considerations, the overall sentiment remains optimistic, with the expectation that Bitcoin will continue its upward trajectory once the market stabilizes.

Disclaimer: Backdoor provides informational content only, it is not offered or intended to be used as legal, tax, investment, financial, or other advice. Investments in digital assets involve risk, and past performance does not guarantee future results. We recommend conducting your own research before making any investment decisions.