Bitcoin's price has been highly volatile, struggling to reach the $100,000 resistance level. However, analyst Ali Martinez suggests that a 20% to 30% correction could actually be bullish for Bitcoin, as it has historically led to new highs. Martinez warns that if Bitcoin falls below $92,730, it could enter "free-fall territory" and drop to the $60,000 zone. Despite the short-term bearish outlook, Bitcoin has had a strong year, adding over $1 trillion in market capitalization. Analysts maintain a bullish outlook, with expectations of increased institutional adoption under a pro-cryptocurrency government. Standard Chartered predicts Bitcoin could reach $200,000 by the end of 2024. At the moment, Bitcoin is trading at $94,249 but is below its 50-day moving average, indicating short-term weakness. However, it remains well above its 200-day moving average, maintaining a bullish long-term trend. Caution is advised as Bitcoin approaches critical support levels at $92,000 and $90,000.



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