Bitcoin Struggles Near $84,000 as Analysts Predict Potential Q2 Recovery
Bitcoin (BTC) is attempting to reclaim the $84,000 level but risks ending the month in negative territory. Analysts suggest its Q2 performance may resemble the rally seen in 2017.
Current Price Movements
- Bitcoin recently surged to a two-week high of $88,765 but fell to $84,000 by Friday.
- The cryptocurrency dropped 8.2% weekly, hitting $81,278 before recovering slightly.
- It has struggled to maintain the $84,000 level since losing ground a month ago.
- A new CME gap was created this week, between $82,500 and $84,100.
- Analysts indicate that BTC needs to exceed $85,000 to challenge recent losses.
Future Projections
- Ted Pillows noted potential for recovery in Q2 based on Bitcoin's historical performance in 2017.
- He highlighted that gains during Trump’s presidency began after Q1 2017.
- If past patterns hold, BTC could see significant rallies later this year.
- Rekt Capital suggests continued consolidation before any upward trend is established.
- Current trading price of Bitcoin stands at $83,297, reflecting a 1% daily increase.
