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The current price of Bitcoin (BTC) is hovering around the $27,000 mark, making it difficult for the digital asset to breach the next level. As a result, the outlook for the price of Bitcoin in the near-term appears murky.
Given that Bitcoin price has been on a steep climb since its all-time high of over $20,000 in 2017, many analysts believe that the cryptocurrency is still poised to reach new highs.
However, things have not been easy for Bitcoin in the past few weeks. Despite attempts at an uptrend, Bitcoin has been stuck in a sideways trading range between $26,000 and $27,050. This has led to many analysts reassessing their near-term price predictions, with some arguing that Bitcoin could currently be facing a correction.
The potential for a correction is based on the fact that Bitcoin’s bullish momentum has been waning in recent weeks after the cryptocurrency failed to break past the $30,000 price level.
If the current market doesn’t turn around soon, a continued sideways trend in the near future could potentially result in Bitcoin plummeting back to the $20,000 price level. Additionally, a renewed downtrend could cause some of the larger investors to pull out their funds, resulting in a further dip in prices.
On the positive side, there is still some optimism that Bitcoin could eventually break the $27,000 threshold and reach its next milestone of $35,000. This is largely due to the increasing interest from institutional investors into the cryptocurrency space as well as an increased number of retail investors entering the fray.
In conclusion, the near-term outlook for Bitcoin’s price is unclear. If BTC fails to break the $27,000 mark in the coming weeks, it is likely that the cryptocurrency will be stuck in a rut. However, if the digital asset is able to break the current resistance level, it could potentially reach its next highs of $35,000 or more.