The expert gave his forecast on the future of the flagship digital asset, against the background of the events that have occurred in the world this week. He noted that there are several conditions that need to be met for the asset to form a bullish trend. In addition, the BTC price reacts strongly to the geopolitical situation.
According to him, the cryptocurrency market is showing instability at this stage. Leading digital assets are very volatile, which makes it impossible to make clear predictions about further growth or decline of the first cryptocurrency. He stressed that BTC is going through a three-month period when it set several lows in terms of market capitalization.
Weiss assured that BTC’s exchange rate will not change globally until the weekly chart exceeds the short-term moving average (the average value of the asset over a certain number of candles) as well as the previous local price high set during the last short-term rally on February 10, 2022.
The analyst stressed that the rate of virtual asset is in a downtrend. He assured that he believes in reaching the $100,000 mark, but looking at the chart, he can’t give such a rosy forecast in the short term yet. Based on the analysis of the technical indicators, Weiss sees no evidence to support the possibility of reaching this level in the short term.
At the moment, Bitcoin exchange rate is more likely to set its new local minimum than to start growing rapidly. The aggravated situation between Russia and Ukraine also does not suggest that the value of the digital currency will rise in the coming weeks.
Earlier, crypto.ru editorial staff reported that Ton Weiss said that despite the bullish sentiment of traders in December 2021 and January 2022, the value of BTC may reach the $100,000 mark in the near future.