Late To The Bitcoin Party? Analysts Sound A Note Of Caution Amid Bullish Run: 'Chasing It Here Looks Like A Very Late Trade'
Portfolio Pulse from Rounak Jain
Analysts caution against joining the Bitcoin rally late, citing overbought conditions with a 14-day RSI at 88. Despite a 40% increase in four weeks, they advise caution for short-term traders using leveraged products. However, the long-term outlook remains bullish, with predictions of reaching up to $180,000 by September 2025.
March 02, 2024 | 11:01 am
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Analysts caution against late entry into the Bitcoin rally due to overbought conditions, with a 14-day RSI at 88, despite a 40% increase in value over four weeks. Long-term outlook remains bullish with predictions up to $180,000 by 2025.
The caution stems from the current overbought condition indicated by the RSI, suggesting a potential short-term price correction. However, the long-term bullish predictions based on analysts' forecasts provide a positive outlook, indicating a mixed impact in the short term but potentially positive in the long term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100