Analysis
November 13, 2024 4:16 PM
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.
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.
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